IFC, a member of the World Bank Group, has committed an additional $10 million for direct co-investments alongside Endiya Fund II.
Seed and early-stage venture capital Endiya Partners has received a ₹75 crore (around $10 million) investment commitment for Endiya Fund II from the International Financial Corporation (IFC) to in early stage Indian startups.
“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 $65 million and already completed its first close at $40 million in May 2019. Limited partners in the Fund include financial institutions, corporates and family offices across India, Europe, and the U.S.
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.