Endiya Partners, an early-stage venture capital firm has invested in product startups from its Rs 200 crore Fund-I which is aiming to raise Rs 500 crore for its Fund-II, which would make it the largest fund in India specialising in intellectual property-focused product startups.
Hyderabad has headquartered the firm plans for investing more in the follow-on funding round of its portfolio companies as well as expand focus on the life sciences sector from Fund-II, said managing director Sateesh Andra.
“We have emerged as a specialist VC focussed on product startups that are not just addressing the India market but also global markets,” Andra said. “We have invested in some stellar companies out of Hyderabad, including Darwinbox, Cygni Energy and eKincare, which subsequently raised a lot of capital and grew businesses.”
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The other startups in Endiya’s portfolio are Curefit, Kissht, Sig Tuple, Steradian Semiconductors, Slang Labs, Alpha ICs, Hansel, InnerChef and ShieldSquare.
The investment strategy of Endiya addresses the spectrum betwixt angel or very early stage and the series A investments, while also participating in the follow-on investments.
Andra is also expecting to complete mobilising Rs 500 crore for Fund-II by March, said Endiya was also investing from its Fund-I in the follow-on funding rounds of select product startups. From Fund II, the firm will now be able to participate in the follow-on rounds of most of its portfolio startups, he said.
Overall, Endiya is planning of investing Rs 30-40 crore each in almost all of it’s portfolio firms.
Endiya Partneres is also looking to expand its team and set up an office in Bangalore by March.
Completing a funding cycle and returning capital to the investors in a venture capital fund is beginning to happen in India, said Andra, adding, “Top-performing VC funds globally generate 15-20% internal rate of return (IRR). We hope our funds will be in the top quartile.”