International Financial Corporation (IFC), a member of the World Bank Group, has invested $10 million (about Rs 75 crore) in Endiya Fund II. Hyderabad-based Endiya Partners is a seed and early-stage venture capital fund that invests in IP-led Indian product start-ups that are globally relevant. Endiya’s Fund I was a 2016 vintage fund with Rs 175-crore ($25 million) corpus and invested in 12 portfolio firms.
Endiya’s current portfolio includes Darwinbox, Steradian Semiconductors, Kissht, SigTuple, and Myelin Foundry.
Besides, IFC has also committed an additional $10 million for direct co-investments alongside Endiya Fund II.
Endiya Fund II has a corpus target of Rs 500 crore and has already completed its first close at Rs 280 crore in May 2019. Partners in the fund include financial institutions, corporates and family offices across India, Europe and the US.
The Fund plans to invest in 16-20 start-ups, with an initial cheque size of $1 million in seed/pre-Series A round and a planned investment of up to $5 million per firm.
“We value IFC’s vast global presence across geographies that could offer future expansion markets for our portfolio companies. We are also delighted to have a co-investment envelope from IFC that could be used to support our investees as they scale,” Sateesh Andra, partner at Endiya Partners, said.
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