Venture capital fund Endiya Partners, focused on deeptech, health, software-as-a-service and artificial intelligence startups, is set to launch its third fund with corpus between Rs 800 crore and Rs 1,000 crore.

“The early-stage firm’s latest fund, its largest so far, will continue with the same investment thesis as its first and second funds, and will start deploying in a quarter or 3-4 four months from now,” says founder and managing director Sateesh Andra.

“While 90 percent of the time, our cheque is the first institutional cheque for a startup, we do super pro-ratas in Series A and we also participate in Series B. For a company, we end up allocating almost $7 million to $8 million,” Andra adds.

Endiya Partners divides its cheques by deploying about 30-40 percent of any of its fund as new investments, 20-30 percent of it as Series A cheques in the same set of companies, and then about 30 percent of the fund in select Series B.

Andra says, “Our message to entrepreneurs is that you will get close to Rs 100 crore from Endiya Partners plus our limited partners (LP) in co-investments. So you get a cheque of roughly $7 million to $8 million from us and a cheque size from LPs who co-invest with us in growth stages.”

Endiya Partners was founded in 2016 by Andra, cardiologist-turned-investor Ramesh Byrapaneni, and Abhishek Srivastava. The company looks for startups building strong intellectual property.

A distributed paid-in capital return of over 90 percent was generated by its first fund of Rs 200 crore corpus, launched in 2016. This metric measures the amount of invested principal returned to LPs through exits, without any carried interest earned by the venture capital firm.