India's Epiq raises $225m for second VC fund
India’s Epiq Capital has closed its second late-stage VC fund with USD 225m in commitments, beating a target of USD 200m.
It follows a first close of USD 100m in December 2021. LPs include tech entrepreneurs, industrialists, family offices, sovereign wealth funds, and other institutions, both domestic and global.
Epiq was established in 2016 by Rishi Navani, a co-founder of Matrix Partners India, with a view to targeting what it calls a USD 5trn digital India opportunity in growth and late-stage technology companies. Fund I closed on USD 100m in 2017. Standout investments include Lenskart, Pristyn Care, Cure.fit, Dailyhunt and Builder.ai.
The strategy is to back new-economy companies aiming to be in the local capital market’s so-called Tech Nifty 50 index. Potential investees are seen as having the potential to be worth USD 50bn or more in the next 10 years. Investments, including primary and secondary transactions, are typically around USD 25m.
Epiq claims most of its portfolio companies are profitable, have more than USD 250m in average annualised revenue run rate, and have collectively grown 75% a year for the past three years. The firm aims to maintain a relatively compact portfolio, with about 8-10 companies per fund.
Recent activity includes leading a USD 16m Series C round for parking and electric vehicle charging start-up Park+. Epiq invested about USD 12m in the loss-making company from its first fund. The round also featured Matrix India and Sequoia Capital India, now Peak XV Partners. It reportedly valued Park+ at USD 340m.
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