Endiya Partners’ first fund of ₹175 crore has fetched its returns of four times its investments, the early-stage venture capital firm said on Wednesday while announcing a partial stake sale in human resources technology platform Darwinbox.
More specifically, Endiya said it made a 4x multiple on invested capital, a metric that includes both realized and unrealized value and provides a broader view of a fund’s performance.
The Hyderabad-based investor has backed several product startups across enterprise, industrial tech, and healthcare sectors, including fitness firm Cult.fit, cancer care company Karkinos, and fintech firm Grip Invest.
Earlier this month, Darwinbox secured $140 million in a funding round co-led by global investment firms Partners Group and KKR.
Endiya expects more opportunities to sell its investments with digital lending platform Kissht and Cult.Fit planning an initial public offering of their shares in 12 months, the investment firm said in a statement.
Among Endiya’s other portfolio companies, SigTuple’s artificial intelligence-powered pathology platform recently secured a global distribution licensing deal with Horiba, a Japanese manufacturer of precision instruments.
“We remain committed to our strategy of backing category-defining companies from India for global markets,” said Sateesh Andra, Managing Director at Endiya Partners. “Our ability to generate diverse exit pathways while maintaining investment discipline differentiates Endiya in the early-stage venture ecosystem.”
Building on its Fund I fundamentals, Endiya’s second fund invested in Darwinbox, Scrut Automation, Zluri, EyeStem, Sugarfit, Qapita, Mylo, AquaExchange, and BluJ Aerospace.
Endiya’s third fund, which is backed by institutional partners including the World Bank Group’s International Finance Corporation and Asian Infrastructure Investment Bank, has invested in AltiusHub, Perceptyne, Pulse, and Nivaan Care.
India saw a revival in late-stage funding last year, paving the way for several large fundraising rounds ahead of initial public offering (IPOs). The trend is likely to continue in the near term as more marquee companies prepare to go public, Mint reported in December.
Even mid-market deals saw a reasonable rise last year while seed- and early-stage deals stuttered, as per data by market intelligence platform Tracxn.
