Endiya Partners completes first close of new fund at $40M

The early-stage investment firm's second fund expects to hit the final close by the end of 2019.

Endiya Partners completes the first close of its second fund at $40 million.

Early-stage investment fund, Endiya Partners, said it has completed its first close of its second fund Endiya Partners Fund 2 at $40 million.

The new fund, which claims to be the largest B2B focused seed fund, expects to have a total corpus of $70 million and aims to hit its final close by the end of 2019. The capital was raised from fund of funds, family offices, global corporates and select entrepreneurs, Endiya Partners said in an official statement.

Endiya Partners added that most of its existing limited partners, or investors, have backed the new fund, which will have a portfolio of 15 to 16 companies. It will initially put in between $500,000 and $1.5 million through seed or pre-series A rounds, with a total investment of up to $5 million per company.

The new fund's strategy will remain similar to Endiya's first fund, whose companies include mobile app management platform Hansel.io, health and fitness startup CureFit and Solar-DC solutions startup Cygni Energy.

Endiya Partners' first fund closed at about $25 million ($175 crore) in early 2017.

The company's investment focus sectors include fintech, hardware, digital health, medical devices, along with select consumer bets.

Started by Sateesh Andra, Dr Ramesh Byrapaneni, and Abhishek Srivastav, Endiya Partners had raised Rs 100 crore in 2016 and is known for its early bets in digital lending platform Kissht, AI healthcare startup SigTuple and SaaS-based human capital management platform Darwinbox.

Recently, other venture capital funds that focus on early stage investments have been raising money.

Vertex Ventures, an early-stage venture capital arm of Singapore-based investment company Temasek Holdings, made the first close of its Southeast Asia and India-focused Fund IV, at $230 million in May. Last month, sources close to the matter told YourStory that South East Asian investment fund Jungle Ventures closed $175 million as part of its first close for their third fund.

Also Read: No me-too startups for Endiya Partners - Endiya continues to invest in early-stage Deep Tech Startups to boost India’s Innovation Story in 2018


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