Epiq Capital Marks Final Close Of Its $225 Mn Fund II

SUMMARY

As shared by Rishi Navani, the fund II will invest in the next Tech Nifty 50 companies

The fund is looking at investing in around ten companies with an average cheque size of $20-25 Mn each

Epiq Capital’s current portfolio includes startups such as Lenskart, Dailyhunt, Curefit, Builder.ai, Pristyn Care among others

Mumbai-based growth and late stage tech investment firm Epiq Capital has announced the final close of Epiq Capital II which has raised $225 Mn.

“Epiq Capital II will continue to invest in exceptional entrepreneurs targeting the large $5 Tn digital India opportunity in the next decade,” the firm said in a statement.

Epiq Capital II has attracted four of top ten tech entrepreneurs, industrialists, top three sports and entertainment leaders, family offices, sovereign wealth funds, Rishi Navani, founder & managing partner, Epiq Capital, said in a press briefing.

The fund is largely domestic, and to a smaller extent international, Navani said.

As shared by Navani, the fund II will invest in the next Tech Nifty 50 companies, which means, the fund is intended to support startups that have the potential to be worth $50 Bn or more over the next ten years.

Further, the fund II is looking at investing in around ten companies with an average cheque size of $20-25 Mn each.

Epiq Capital was established in April 2016 by former Matrix Partners India managing director Navani. Epiq Capital’s current portfolio includes eyewear unicorn Lenskart, local language content platform Dailyhunt, fitness startup Curefit, app development platform Builder.ai, healthtech startup Pristyn Care.

Interesigely, Navani expects four of its portfolio companies to go for IPO in the next 18-36 months.

As claimed by Epiq Capital, these companies have over $250 Mn in average annualised revenue run rate and have achieved more than 75% revenue CAGR over the last three years.

Despite the funding winter gloom seeping into 2023, VC, angel and PE investors have announced 32 funds till May, worth more than $3 Bn to support Indian startups at various stages.

According to data compiled by Inc42, 66% (or 21 funds) of the total funds announced so far in 2023 focus on early, and early and growth stage startups. Hence, this close of Epiq Capital fund brings good news for late stage startups as those players are facing greater difficulties in raising funds.