India's Endiya closes second fund at $75m

The firm raised about $25 million for its debut vehicle in 2017. Most of the LPs, including Small Industries Development Bank of India and Life Insurance Corporation of India, re-upped in a $40 million first close for Fund II in 2019.

Additional backers include Nippon Life India Alternative Investments and the International Finance Corporation, which contributed $6.6 million and $10 million, respectively. They were joined by ACE Fund, a biotech innovation vehicle controlled by the government’s Biotechnology Industry Research Assistance Council.

Fund II is expected to invest in as many as 20 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.

“We believe that it’s time for B2B product companies to go regional as well as global. It’s a similar strategy to Fund I where we made 12 investments; in this fund we’ll make 18-20 investments,” said Sateesh Andra, a managing director at Endiya, according to The Economic Times. “The B2B focus will continue.”

Founded in 2015, Endiya was established by former members of Ventureast, one of India’s oldest early-stage VC firms. Endiya seeks to fill the funding gap between angel and Series A rounds for market-defining companies as well as contribute to larger funding rounds of promising technology-enabled start-ups.

Standout portfolio companies include financing platform Kissht, artificial intelligence-enabled medical diagnostics player SigTuple, and Darwinbox, and HR services provider that caters to enterprises’ needs across the employee lifecycle, including hiring and retirement.

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• Topics
• South Asia
• Fundraising
• Venture
• India
• Endiya Partners
• IFC