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Endiya reaches $40m first close of second India VC fund

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Endiya Partners, an early-stage VC investor based in India, has achieved a first close of $40 million for its second fund. The target is $70 million.

Most of the LPs from the firm's debut are said to have returned, including institutional investors, high net worth individuals, and family offices. Fund I raised INR1.7 billion ($25 million) in early 2017 from the likes of the Small Industries Development Bank of India and the Life Insurance Corporation of India.

Fund II is expected to invest about 15 companies with individual deployments of up to $1.5 million. It may make total commitments of up to $5 million per company. Focus areas typically include consumer internet services, healthcare, financial technology, and software-as-a-service models.

"We want to focus more on digital health, use of artificial intelligence in healthcare, and provide solutions to diagnostics centers, hospitals and pharmaceutical companies," Ramesh Byrapaneni, co-founder of Endiya, told Livemint. "We have the domain expertise in B2B and, hence, stick to this area."

Endiya was founded in 2015 by Byrapaneni alongside Sateesh Andra and Abhishek Srivastava, all of whom were colleagues at Indian VC firm Ventureast. Portfolio companies include fintech platform Kissht, which received a $30 million round last year, and health-tech player SigTuple, which raised $16 million last month.

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