endiya partners fund: Endiya Partners announces third fund with corpus of up to $125 million

Venture capital fund Endiya Partners, focussed on deeptech, health, software-as-a-service and artificial intelligence startups, is set to launch its third fund with corpus between Rs 800 crore and Rs 1,000 crore ($100 million and $125 million).

The early-stage firm’s latest fund, its largest so far, will continue with the same investment thesis as its first and second funds, and will start deploying in a quarter or 3-4 four months from now, founder and managing director Sateesh Andra told ET.

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“While 90% of the time, our cheque is the first institutional cheque for a startup, we do super pro-ratas in Series A and we also participate in Series B. For a company, we end up allocating almost $7 million to $8 million,” Andra said.

Endiya Partners divides its cheques by deploying about 30-40% of any of its fund as new investments, 20-30% of it as Series A cheques in the same set of companies and then about 30% of the fund in select Series B stages of investments, he said.

“Our message to entrepreneurs is that you will get close to Rs 100 crore from Endiya Partners plus our limited partners (LP) in co-investments. So you get a cheque of roughly $7 million to $8 million from us and a cheque size from LPs who co-invest with us in growth stages,” he added.

Founded in 2016 by Andra, cardiologist-turned-investor Ramesh Byrapaneni and Abhishek Srivastava, Endiya Partners looks for startups building strong intellectual property.

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Andra also told ET that its first fund of $40 million corpus, launched in 2016, had generated a distributed paid-in (DPI) capital return of over 90% to its LPs. This metric measures the amount of invested principal returned to LPs through exits sans any carried interest earned by the venture capital firm.The over 90% return stands against 48% as recorded as a DPI average in Crisil’s alternative investment fund (AIF) category 1 benchmark on funds raised in FY16 in the Indian currency.

The Hyderabad-based venture capital firm’s past investments include the likes of Darwinbox, Kissht, SigTuple, Zluri, Qapita, Eyestem, Grip Invest, Myelin Foundry and BluJAerospace.

The fund holds $100 million under management.