Endiya Partners Raises INR 17.5 Cr From The BIRAC's AcE Fund
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Hyderabad-based early-stage venture capital fund Endiya Partners has announced to have raised INR 17.5 crore from the biotechnology industry research assistance council’s (BIRAC) AcE Fund, conveying to a close the fundraise for its INR 500 crore fund-II.
According to a statement released, the investor claims it would continue to make early-stage investments in the business-to-business (B2B) segment, with a spotlight on healthcare and life sciences, apart from software-as-a-service (SaaS), cybersecurity, and other associated sectors.
The establishment has said to cut cheques of between $1 and $1.5 million for its first investments in startups and will deploy a total of $4-$5 million for follow-on investment. It is looking to back 18-20 startups with its Fund-II, said the statement.
“We believe that it’s time for B2B product companies to go regional as well as global. It’s a similar strategy to Fund I where we made 12 investments; in this fund, we’ll make 18-20 investments. The B2B focus will continue,” said Sateesh Andra, managing director, Endiya Partners, in a statement.
Launched in 2016 by Andra, cardiologist-turned-investor Ramesh Byrapaneni, and Abhishek Srivastava, the establishment looks for startups building strong intellectual property, with a focus on the B2B segment.
The firm has said to have previously raised INR 50 crore from Nippon India Digital Innovation AIF in August and INR 75 crore from the World Bank’s International Finance Corporation (IFC), which has also committed an additional $10 million for direct co-investments along with Endiya.
The report further revealed that the investor has backed startups such as Darwinbox, Steradian Semiconductors, Kissht, SigTuple, and Myelin Foundry in the past. For fund-II, Endiya said it had so far made three investments and is in the process of finalizing two more in the coming months.
Apart from Nippon and IFC, Endiya Partners’ fund-II counts financial institutions, corporates, and family offices across India, Europe, and the US among its partners.