VC firm Endiya says it ranks among India's top-performing seed investors

'For every $1 we invested, our portfolio companies raised over $50 in follow-on capital,' says top executive

Endiya Partners, a venture capital fund that supports early-stage startups, said on Wednesday it has become one of India's top-performing seed investors. The firm's first fund (Rs 175 crore, 2016) has achieved a four-fold multiple on invested capital, placing it among top performers in its vintage.

 

Endiya's deals include a partial exit from Darwinbox, a Cloud-based human resource (HR) platform that has become a unicorn (a startup whose valuation exceeds $1 billion).

 

The fund said in a statement that it followed a strategic and "thesis-driven" investment approach to support software as a service, cybersecurity, semiconductors, and digital health startups. A “disciplined” portfolio construction, with 12 investments, has yielded multiple strategic exits, secondary sales, and a robust initial public offering (IPO) pipeline.

 

"We remain committed to our strategy of backing category-defining companies from India for global markets," said Sateesh Andra, managing director of Endiya Partners. "Our ability to generate diverse exit pathways while maintaining investment discipline differentiates Endiya in the early-stage venture ecosystem."

 

Endiya led the seed funding round for Darwinbox, which has since become a global HR-tech unicorn serving enterprises worldwide. Darwinbox recently secured $140 million in growth capital from KKR and Partners Group. Endiya has had portfolio company acquisitions, including Steradian Semiconductors (acquired by Renesas) and ShieldSquare (acquired by Radware).

 

In health care technology, SigTuple's AI-based pathology platform secured a global distribution licensing deal with Horiba. Endiya expects further liquidity events with Kissht's confirmed IPO within the next 12 months, alongside CureFit's anticipated public listing in the same timeframe.

 

"Our disciplined, thesis-driven approach has been pivotal to Fund I's performance," said Ramesh Byrapaneni, managing director at Endiya Partners. "For every $1 we invested, our portfolio companies raised over $50 in follow-on capital, demonstrating both the quality of our investments and our ability to identify scalable businesses early."

 

Almost 85 per cent of Endiya’s portfolio companies have secured follow-on funding rounds, it said. The fund’s operator-led approach facilitates product rollouts, talent acquisition, sales/business development introductions, and follow-on fundraising.

 

Building on its Fund I success, Endiya's second fund has built a portfolio comprising “high-growth” startups such as Darwinbox, Scrut Automation, Zluri, EyeStem, Sugarfit, Qapita, Mylo, AquaExchange, and BluJ Aerospace.

 

Endiya's third fund, which is backed by institutional limited partners IFC and AIIB, has deployed capital in four investments across enterprise technology, industrial technology, health care, and life sciences companies that include AltiusHub, Perceptyne, Pulse, and Nivaan Care.