Early-stage venture capital (VC) fund Endiya Partners said it will invest in 15-16 startups in the technology, healthcare and select bets in consumer segment from its Fund 2. The new fund, which was launched late last year, has raised $40 million in its first tranche, Sateesh Andra, Managing Director at Endiya Partners told Financial Express Online.
The new fund would be the largest seed fund with a total corpus of $70 million and would back startups in the business-to-business segment in areas such as software-as-a-service, information security, hardware, fintech, digital health, medical devices, life sciences, and few consumer segments, Andra added.
The strategy for Fund 2 would “remain similar to Fund 1” with investment from $500k-1.5 million in seed or pre-Series A round but can pour up to $5 million per company.
Endiya Partners’ first fund, raised in 2016 had a total corpus of $25 million raised from the fund of funds, family offices, global corporates, and select successful entrepreneurs said Andra without disclosing names.
“We invested in 12 Companies from Fund 1 and exited from ShieldSquare. Our Fund 1 portfolio, which comprises of SigTuple, Kissht, Darwinbox, Cygni Energy, Curefit, Hansel.io, AlphaICs, Steradian, eKincare, SlangLabs, and InnerChef, is expected to generate an attractive internal rate of return for investors,” Andra said.
The new fund would have “most of the existing limited partners” from the old fund, he said while the final close of the fund is expected before the end of 2019.
Endiya delivers tangible value to portfolio companies via co-creation approach — significant value addition in the areas of product/market fit, customer acquisition, team development and business model refinement for scale, Andra said.
Endiya’s portfolio companies have raised capital from external investors including Accel Partners, Lightspeed Venture Partners, Fosun, Chiratae Ventures, Vertex Ventures, Eight Roads, Sistema, Emerald Technology Ventures, etc.
Some Andra past investments have been into companies such as Seclore, Little Eye Labs (acquired by Facebook) and Cleartrip.