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Hyderabad-based early-stage venture capital firm, Endiya Partners, has made first close of $15 Mn (INR 100 Cr) for its maiden fund of $30 Mn.
Sateesh Andra, managing director at Endiya Partners said, “Financial institutions including SIDBI and family offices in India are part of our fund and we plan to get a few more partners from overseas ahead of the final close of the fund in the next few months to raise a total of Rs 200 crore. For this fund we have stayed away from retail (individual) investors.”
The fund plans to invests in 25 startups in a period of next three years. It will be focussing on technology (including sectors like IoT, SAAS, electronics and semiconductors), consumer internet services and healthcare startups (comprising of digital healthcare startups, medical devices and point-of-care and chronic disease management solutions).
This year it plans to invest in close to 10 startups. The VC firm also plans to participate in the follow-on rounds of funding with some partners co-investing with the fund.
Venture partner Ramesh Byrapaneni said, “We will continue to run the existing portfolio of Ventureast Tenet Fund and will manage the exits. There will be no new investments.”
Last year several venture capital firms changed their strategy to pick companies early on at the pre-revenue stage, a trend that is likely to continue in 2016.
The VC firm plans to invest within a range of $1 Mn to $1.5 Mn (INR 8 to INR 10 Cr) against 10-20% stake in the company. It will also work with the portfolio companies on methodology and help them out with domain knowledge.
Endiya Partners was founded by Sateesh Andra, Ramesh Byrapaneni and Abhishek Srivastava. It was granted SEBI’s approval in August 2015 and has invested in startups like crash analytics startup for mobile apps Hansel and food technology company innerChef.
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