Endiya Partners, an early-stage venture capital firm, has now closed its first fund, as well as reported significant returns from its first fund, thanks to an exit from DarwinBox. The Hyderabad-based investment firm, which focuses on sectors such as enterprise tech, semiconductors, cybersecurity, and healthcare, announced in an official statement that its first fund (which was launched with a corpus of ₹175 crore) has generated a fourfold return on invested capital.
Building on the success of its first fund, Endiya Partners has expanded its portfolio through subsequent funds. Its second fund has invested in a variety of startups, including Scrut Automation, Zluri, EyeStem, Sugarfit, Qapita, Mylo, AquaExchange, and BluJ Aerospace. These investments span enterprise SaaS, fintech, health tech, and industrial tech. The firm’s third fund, which has received backing from institutional investors such as the International Finance Corporation (IFC) and the Asian Infrastructure Investment Bank (AIIB), recent closed at $100 million. It has already deployed capital into four startups – AltiusHub, Perceptyne, Pulse, and Nivaan Care – companies that operate in enterprise technology, healthcare, and life sciences.
Fund 1 delivers strong returns
Speaking of which, Endiya Partners’ first fund was launched in 2016 with a focus on early-stage investments (mostly seed and pre-Series A rounds) in high-growth sectors. Over the years, the fund has backed 12 companies, several of which have scaled significantly, attracting major follow-on funding rounds and achieving successful exits. Today, the firm describes itself as “one of India’s top-performing seed investors.” Among its key successes, the firm secured a partial exit from Darwinbox, a cloud-based human resources (HR) unicorn. Darwinbox recently raised $140 million in growth capital from KKR and Partners Group.
In addition to Darwinbox, Endiya’s first fund has seen acquisitions of its portfolio companies, including Steradian Semiconductors, which was acquired by Renesas, and ShieldSquare, which was purchased by Radware. These exits have contributed to the firm’s overall returns as well. According to the VC firm, for every $1 it invested, its portfolio companies have collectively raised over $50 in subsequent rounds. Nearly 85% of its portfolio companies have secured follow-on funding.
Endiya Partners attributes the strong performance of its first fund to its investment strategy – the VC firm prioritizes high-potential startups with a clear pathway to scalability. The firm follows a “thesis-driven” approach, focusing on businesses that have the potential to define and dominate their respective categories. “Our ability to generate diverse exit pathways while maintaining investment discipline differentiates Endiya in the early-stage venture ecosystem,” said Sateesh Andra, Managing Director at Endiya Partners. Currently, the firm has also employed a mix of strategic exits, secondary sales, and IPOs to generate liquidity for its investors. While some of its portfolio companies have been acquired, others are gearing up for public listings. Digital lending platform Kissht is preparing for an IPO within the near future, and fitness technology firm CureFit is also expected to go public in the same timeframe.
