Back in 2016, when Endiya Partners launched its maiden INR 175 Cr fund, the Indian startup ecosystem was still early in its innings. And the Hyderabad-based fund’s thesis was simple yet bold — backing high-impact, scalable ventures across enterprise tech, deeptech, and healthcare.

Nine years later, the results speak for themselves. The firm’s maiden fund delivered a stellar 4.0x Multiple on Invested Capital (MOIC), with marquee success stories like HR tech startup Darwinbox which went on to achieve unicorn status.

Fast forward to 2025, Endiya has successfully closed Fund III, securing institutional backing from heavyweights like the International Finance Corporation (IFC) and the Asian Infrastructure Investment Bank (AIIB). With this fresh capital, the firm is doubling down on its early-stage investment strategy, and will increase its focus on AI startups.

Speaking to Inc42, Endiya Partners managing director Sateesh Andra credited the success to the firm’s concentrated strategy, leading pre-Series A rounds and maintaining a deep involvement throughout the startup’s journey, instead of the typical strategy of a large fund which spreads capital thinly across a wide array of startups.

This operator-VC hybrid means Endiya actively assists portfolio companies with product rollouts, customer acquisition, hiring, and preparing for future fundraising rounds. In the early to growth stage, this is a critical competitive advantage for the fund.

In terms of capital allocation, Endiya looks to lead rounds, typically deploying INR 40-50 Cr per company over multiple rounds. The firm also collaborates with its limited partners (LPs) for co-investments in later-stage rounds, ensuring continued support as companies scale. While IPOs remain a coveted milestone, Andra noted that only 15-20% of Endiya’s portfolio is expected to go public, with most exits occurring through secondary transactions and strategic acquisitions.

Here are edited excerpts:

Inc42: When you started Endiya Partners, what was your overall investment thesis and vision, and how has it evolved over the past few years?

Sateesh Andra: Currently, we are investing from our third fund. We launched Endiya Fund-I in 2016 as an early-stage, thesis-driven fund with a strong focus on product startups—primarily B2B Indian startups. Some of these companies target the Indian market, others focus on regional markets, and a significant number pursue global opportunities.

Fund-I was centered on SaaS, cybersecurity, semiconductors, and digital health companies. With Fund-II, we expanded into biotech while continuing to strengthen our investments in SaaS and digital health. We also started investing in intelligent mobility companies.

Now, with Fund-III, we are heavily focussed on AI and data, alongside continued investments in security, semiconductors, robotics, and healthcare. Occasionally, we also invest in fintech companies. From a thesis perspective, our approach has remained consistent—we don’t make drastic shifts but rather add new themes over time while staying true to our core focus areas.

As thematic investors, we specialise in early-stage investments, often acting as the first institutional investor. We adopt a portfolio-operator mindset, actively supporting our companies in rolling out products, gaining customer traction, hiring........

© Inc42