Endiya Partners raises Rs175 crore
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Hyderabad-based Endiya Partners, an early stage venture capital firm, has raised Rs175 crore for its first fund, most of it from four family offices in India and three financial institutions, a senior executive said on Wednesday.
Endiya, which had marked Rs100 crore as the fund’s first close in January, raised an additional Rs75 crore as part of its first fund, said Sateesh Andra, co-founder and managing director at Endiya Partners.
The fund has already invested in four companies including mobile application platform for developers Hansel, HR software as a services firm Darwinbox, digital health company Celes and kitchen on cloud firm InnerChef, said Andra. It will make another 8-10 investments deploying close to Rs60-70 crore during 2017.
Over 60% of this amount would be dedicated towards new investments while more than 30% could go towards follow-on rounds.
The company has already made three new investments in fintech, enterprise software and diagnostics space and will announce them in the next 30-40 days. The firm did not divulge further details on the investments.
Endiya will look at a ticket size of Rs2-10 crore per company from seed stage to pre-series A and may also participate in follow-on Series A rounds, said Andra.
The fund started by Andra and former Ventureast partners Ramesh Byrapaneni and Abhishek Srivastava in 2015, largely focuses on technology products start-ups that are globally relevant.
The fund was registered under capital market regulator Securities and Exchange Board of India’s (SEBI) AIF norms in August 2015.
Andra, a technology entrepreneur who was part of Draper Fisher Jurvetson (DFJ)—the iconic Silicon Valley venture capital firm, ran an early-stage fund for Ventureast for over four years.
“We are deeply focused on sectors such as software as a service, mobile security, digital health, medical devices, and would selectively look at ad-tech (advertising technology), fin-tech and IoT (internet of things),” said Andra.
The fund sees an exit window after five years in investments that it is making. “We would be lucky if exits happen earlier than that,” added Andra.