VC firm Endiya mops up Rs 100 crore in first close
It will focus on startups in technology, consumer internet services and healthcare.
Founded by managing partner of Ventureast Tenet Fund Sateesh Andra, venture partner Ramesh Byrapaneni and investment manager Abhishek Srivastava, Endiya Partners was granted Securities and Exchange Board of India approval in August 2015. It has invested in Bengaluru-based crash analytics startup for mobile apps Hansel and pre-Series. A round of food technology company innerChef founded by Rajesh Sawhney of GSF Accelerator.
“We will continue to run the existing portfolio of Ventureast Tenet Fund and will manage the exits. There will be no new investments,” said Byrapaneni. “We will be looking at digital healthcare startups, medical devices and point-of-care and chronic disease management solutions,” he said. Last year several venture capital firms changed their strategy to pick companies early on at the pre-revenue stage, a trend that is likely to continue in 2016.
“Financial institutions including SIDBI and family offices in India are part of our fund and we plan to get a few more partners from overseas ahead of the final close of the fund in the next few months to raise a total of Rs 200 crore. For this fund we have stayed away from retail (individual) investors,” said Sateesh Andra, managing director at Endiya Partners.
The corpus of Rs 200 crore will be raised from five-six partners and will be utilised to fund nearly 25 companies over the next three years. “This year alone we will be investing in close to 10 startups. For the technology start-ups, we will look at companies in the sector of IoT, SAAS, electronics and semi conductors as the local consumption of these components is high and most of it will be developed locally by the companies,” said Andra.
The investments will range from Rs 8-10 crore for 10-20% stake in the company. “We will also work with the portfolio companies on methodology and help them out with domain knowledge. Our focus is on companies with IP or product flavour and ideas which have a global appeal,” said Sruti Komarappagiri, vice president of Endiya Partners.
The fund will also participate in follow-on rounds, with some of the limited partners co-investing with the fund.