Epiq Capital closes its $150 million Second India Fund to invest in Startups.
- ByStartupStory | October 6, 2021
Epiq Capital, founded by Rishi Navani, is reportedly looking to invest in growth-stage startups via its second fund of $150 million, which will likely raise half its capital from domestic sponsors, and the rest from international sponsors.
The second fund will have an average investment ticket size of US$10 million to US$20 million.
Epiq has previously invested in companies like Lenskart, Cure.Fit and Dailyhunt through its first fund of $ 100 million.
Epiq started buying secondary shares in mature tech companies, but is now positioning itself as an investor who typically chooses 2-8% stakes in cutting edge tech companies in a mix of primary and secondary stocks. The fund will provide $ 1.02 billion for these companies. So far it has supported six companies.
“They have already received commitments and are likely to graduate early next year,” one of the people said.
Epiq was launched five years ago by Navani, who co-founded the Matrix Partners venture capital fund with Avnish Bajaj in 2006. While the fund took a few years to launch, Epiq has been selectively entering some of the largest companies since 2018.
The Fund acquired a $ 400 million stake in Lenskart by purchasing secondary shares in Chiratae Ventures. The company is now valued at $ 2.4 billion. The Mumbai-based company currently has a 3-5 fold ROI, which has also been invested by other portfolio companies such as Pristyn Care and Dailyhunt, said one of the people who did not want to be named as these details were private.
Epiq’s fundraiser comes amid an unprecedented boom in technology investments in India with 28 private unicorns added with a valuation of $ 1 billion or more in the last nine months of this year.
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