IFC to invest $10m in Endiya Partners fund

Seed and early-stage venture capital firm Endiya Partners has received a ₹75 crore (around $10 million) investment commitment for Endiya Fund II from the International Financial Corporation (IFC).

IFC, a member of the World Bank Group, has also committed an additional $10 million for direct co-investments alongside Endiya Fund II.

“We are excited to have won IFC’s support and backing... value IFC’s vast global presence 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,” Sateesh Andra, Partner at Endiya Partners, said in a statement.

Endiya Fund II seeks to invest in 16-20 start-ups, from $500,000 to $1 million in Seed/Pre-series A rounds and planned investments of upto $5 million per company. It has a corpus target of ₹500 crore ($65 million) and already completed its first close at ₹280 crore ($40 million) in May 2019. Limited partners in the Fund include financial institutions, corporates and family offices across India, Europe, and the U.S.

The partnership with IFC will provide Endiya portfolio companies with financial and strategic support resulting in increased access to growth opportunities and sustainable scalability, the statement said.

IFC Country Head, India, Jun Zhang said “early stage VC investment volumes in India are markedly lower than in countries like the U.S. 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.”

Endiya Partners’ current investment portfolio includes Darwinbox, Steradian Semiconductors, Kissht, SigTuple and Myelin Foundry. Its investment strategy addresses a funding gap in the venture capital spectrum in India between Angel and Series A investments. Endiya adds value through concept and market validation, product launch, team building, business model refinement, customer and partner acquisition and follow-on funding, the firm said.

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

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Printable version | Sep 28, 2020 5:45:39 AM |

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