IFC invests $10M in Endiya Partners Fund II to help startups scale

The fund will support product startups and focus on helping them scale their business.

Sateesh Andra, Abhishek Srivastava, and Ramesh Byrapaneni, the Founders of Endiya Partners.

Endiya Fund II has got a commitment of Rs 75 crore (approx $10 million) from the International Financial Corporation (IFC), a member of the World Bank Group. IFC has also committed an additional $10 million for direct co-investments alongside Endiya Fund II. With this partnership, Endiya says its portfolio of companies will have financial and strategic support to scale their business.

“Early-stage VC investment volumes in India are markedly lower than VC volumes in countries like the US and China. Our investment in VC funds like Endiya helps mobilise capital from other LPs and brings that capital to path- breaking early-stage businesses,” said Jun Zhang, IFC Country Head, India.

Endiya Partners is a seed and early-stage venture capital firm investing in IP-led Indian product startups. Endiya's current portfolio includes Darwinbox, Steradian Semiconductors, Kissht, SigTuple, and Myelin Foundry. 

Endiya Fund II has a corpus target of Rs 500 crore ($65 million), and already completed its first close at Rs 280 crore ($40 million) in May 2019. 

Endiya Fund II will invest in 16-20 startups, with an initial cheque size of $500,000 to $1 million in seed/pre-Series A rounds, and a planned investment of up to $5 million per company. 

Founded in 2016 by Sateesh Andra, cardiologist-turned-investor Ramesh Byrapaneni, and Abhishek Srivastava. Endiya added Abhiram Katta to its top deck in 2018 and expanded its investments team by hiring Dipesh Chawla and Lakshmi Kancharla.

“We are excited to have won IFC’s support and backing. We value IFC’s vast global presence across geographies that could offer future expansion markets for our portfolio companies. We are also delighted to have a co-investment envelope from IFC that could be used to support our investees as they scale,” said Sateesh Andra, Partner at Endiya Partners. 

“While industry averages state that 30 percent of seed deals go on to raise follow-on capital, 75 percent of Endiya’s portfolio has raised follow-on rounds. This showcases the team's ability to source, screen, select and nurture quality early-stage startups”, adds Sateesh.  

Endiya’s Fund I was a 2016 vintage fund with Rs 175 crore ($25 million) corpus, and invested in 12 portfolio companies.

Edited by Kanishk Singh


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