Growth- and late-stage tech investment firm Epiq Capital, a backer of startups including PristynCare, Lenskart, Curefit, and Dailyhunt, announced on Wednesday that it has secured the final close of its second fund at $225 million.
The second fund, Epiq Capital II, was oversubscribed as it was initially targeting to raise $200 million, the firm said in a statement. Investors in the fund include tech entrepreneurs, industrialists, sports and entertainment leaders, family offices, sovereign wealth funds, and other institutions, it added.
Epiq Capital II had secured its first close in December 2021 at $100 million.
The vehicle is looking to invest in around 10 companies in the technology space with ticket sizes ranging from $20-25 million. It will primarily be targeting the next Tech Nifty 50 companies, supporting startups that have the potential to be worth $50 billion or more over the next ten years.
“Epiq Capital II will continue to invest in exceptional entrepreneurs targeting the large $5 trillion digital India opportunity in the next decade,” the firm said in a statement.
Established in April 2016 by former Matrix Partners India managing director Rishi Navani, Epiq Capital invests up to $25 million in Indian tech and tech-enabled companies through primary and secondary transactions. The firm has assets under management (AUM) of over $300 million across two funds.
According to the firm, four of its portfolio companies are expected to go for an IPO in the next 18-36 months. These companies have over $250 million in average annualised revenue run rate and have achieved more than 75% revenue CAGR over the last three years.
Several firms have raised corpus or are in the process of doing so for their respective funds this year. Earlier this week, Arkam Ventures launched its second fund with a target size of $180 million. The fund will invest in 20 startups in Series A to B stages.
Last week, Lumikai, an early-stage venture capital fund focused on gaming, launched its second fund targeting a corpus of $50 million from global investors.
Earlier this month, Avaana Capital, a climate-focused venture capital firm, secured commitments worth $70 million towards the first close of Avaana Climate and Sustainability Fund. The firm is targeting a total corpus of $100-125 million for the fund.
Last month, 3one4 Capital raised $200 million for its fourth fund to back startups in sectors including consumer Internet, SaaS, and fintech. Previously, Myntra- and Lenskart-backer Chiratae Ventures hit the final close of its ‘Growth Fund I’ at $122 million.