IFC commits $10 mn to second Endiya fund; backs after sales service provider Onsitego

World Bank arm International Finance Corporation (IFC) has committed an equity investment of $10 million to Endiya Partners Fund II, the Hyderabad based venture capital firm focused on seed stage investments in emerging technology startups.

In addition, IFC has committed $10 million to after-sales services provider for appliances and consumer electronics OnSiteGo in preferred shares. 

Endiya Partners Fund II is a category II Alternative Investment Fund (AIF) floated by fund managers Sateesh Andra and Ramesh Byrapaneni. The Rs 500 crore ($66 million at current exchange rates) fund had announced its first close at $40 million (Rs 280 crore) in May 2019. 

The fund will focus on the business-to-business segment and has backed Bengaluru-based electric mobility solutions provider Cellprop from the second fund. 

From its debut fund, which had a corpus of $27 million, the firm backed companies such as online lending platform Kissht and omni-channel fitness company Curefit.

In an interview with TechCircle last year, managing director Sateesh Andra had said that close to 50% of the limited partners in the second fund would be overseas LPs including family offices, fund of funds and corporates. Life Insurance Corporation (LIC) of India and Small Industries Development Bank of India (SIDBI) are some of the known LPs in the fund.

IFC’s investment in Accel Partners and Zodius Capital backed Onsite Electro Services, which operates OnSiteGo, comes months after the company announced its $19 million Series B round in February led by Zodius Growth Fund. 

The company founded in 2010 offers extended warranty, annual maintenance contracts and damage protection plans for appliances and devices in partnership with retailers, marketplaces and consumer finance companies.

According to the disclosure by IFC, OnSiteGo has recently launched annual maintenance contract service for air conditioners and water purifiers under its direct business. The company employs close to 400 staff and registered a total income of Rs 57.4 crore for the financial year 2018-19. The company recorded Rs 9 crore in losses after taxation for the year, down from Rs 15 crore in the preceding financial year, according to data sourced from VCCEdge. The firm competes with Iron Pillar and Blume Ventures backed Servify. 

The disclosure by IFC was made on May 21.