The fresh investment comes close on the heels of the International Finance Corporation (IFC), an arm of World Bank, last week investing $10 (Rs 75 crore) and committing additional $10m towards direct co-investment.
In a statement, Endiya said the partnership with Nippon would provide its portfolio of companies with financial and strategic support, resulting in increased access to growth opportunities and sustainable scalability.
Nippon India Digital Innovation AIF (NIDIA), a Fund of Funds (FoF), is a collaboration targeted under the India-Japan Digital Partnership with the encouragement and support of the prime ministers of both the countries. It is managed by Nippon Life India AIF Management Limited (NIAIF), a 100% subsidiary of Nippon Life India Asset Management Limited (NAM India). Nippon Life Insurance (NLI) owns 75% of NAM India.
The FoF plans to invest in approximately 15-20 venture capital funds in India. The FoF proposes to invest across multiple horizontals like robotics & automation, internet of things (IoT), artificial intelligence, machine learning, consumer technology, etc & various verticals like manufacturing, EV’s, automobiles, financial services, healthcare, education, eCommerce, retail, pharma, etc.
Endiya Partners is investing in Intellectual Property-led Indian product startups that are globally relevant. Its current portfolio includes Darwinbox, Steradian Semiconductors, Kissht, SigTuple, and Myelin Foundry.
Founded in 2016 by Sateesh Andra, cardiologist-turned-investor Ramesh Byrapaneni, and Abhishek Srivastava, Endiya Partners’ Fund-II seeks to invest in 16-20 startups, with an initial cheque size of US$ 500,000 to US$ 1 million in Seed/Pre-series rounds and a planned investment of up to $5 million per company. Limited Partners in the Fund include financial institutions, corporates, and family offices across India, Europe, and the U.S.
“We are excited about this partnership and look forward to sharing our resources, particularly supporting Endiya’s portfolio companies in their market development and future financing efforts in Japan through the presence of our investor base,” said Sachin Bid, Fund Manager, Nippon India Alternate Investments. “We believe the partnership between India and Japan is of strategic national importance because it’s a perfect blend of Indian enterprise, its frugal innovation, and software skills with Japanese capital and their hardware prowess. We believe access to ‘friendly’ Japanese capital is paramount to long term growth of Indian start-ups.”
“We built a strong connection with the NIDIA team even before they invested,” said Sateesh Andra, Partner at Endiya Partners. “Apart from Business & Technology Partnership, Strategic Investment, and Exit Opportunities, Tokyo Stock Exchange (TSE) offers an attractive liquidity option to growing Product Startups.”