Early-stage venture capital fund Endiya Partners has closed its $75 million (Rs500 crore) second fund with the latest commitment of about $2.5 million from The Biotechnology Innovation Fund – AcE(Accelerating Entrepreneurs) Fund.
The biotechnology fund is backed by the Indian government’s Biotechnology Industry Research Assistance Council (BIRAC).
Endiya Fund II had already reached its first close at Rs280 crore in May 2019. Other investors in the fund include Japan’s Nippon India Digital Innovation AIF Fund and the World Bank’s International Financial Corporation (IFC).
The fund seeks to invest in about 18-20 startups, with a cheque size of about $1-1.5 million in Seed/Pre-series A rounds, and will deploy a total of $4-5 million for a follow-on investment.
Headquartered in Hyderabad, Endiya Partners is a seed- and early-stage venture capital firm investing in IP-led Indian product startups that are globally relevant. Its current portfolio includes Darwinbox, Steradian Semiconductors, Kissht, SigTuple, and Myelin Foundry.
The firm said it would continue to make early-stage investments in the business-to-business (B2B) segment, with a focus on healthcare and life sciences, apart from software as a service (SaaS), cybersecurity, and other allied sectors.
Endiya’s Fund I was a 2016 vintage fund with Rs175-crore corpus, and had invested in about 12 companies.