Epic Capital established by Rishi Navani Is aiming to close its second India Fund $150 million to invest in growth-stage startup, coinciding with increased activity in the area of ​​technology investment, said two people with knowledge of the matter.

After companies like eyewear retailer Lenskart, news aggregation platform Dailyhunt and health and fitness startup CureFit got backing from its $100 million Fund-I, Epic is eyeing domestic capital for its new vehicle. It will be a step away from the strategy of its first fund, which was sponsored entirely by foreign limited partners, according to sources familiar with the fund’s thinking. A source close to the development said, “This time the fund will raise Rs 50 each from domestic and international sponsors.”

Epic began by buying secondary in mature tech firms, but is now establishing itself as an investor, typically holding somewhere between a 2% and 8% stake in late-stage tech firms in a mix of primary and secondary stocks. will also take The fund will invest $10-20 million in these companies. So far it has supported six companies.

“They have already got the commitments and will probably close the final one early next year,” said one of the people.

Navani did not respond to ET’s queries on Epic second fund.

Epic was launched five years ago by Navani, who cofounded venture capital fund Matrix Partners with Avnish Bajaj in 2006. Although the fund took a few years to launch, since 2018, Epic has been selectively getting into something big. companies.

Finance
Took a stake in Lenskart when it was worth $400 million, by purchasing secondary shares from Chiratae Ventures. The company is now valued at $2.4 billion. The Mumbai-based firm is currently sitting at 3-5 times return on invested capital from other portfolio firms such as Pristine Care and Dailyhunt, said a person, who did not wish to be named as these details were private.

The fundraising by Epic comes amid a never-before-seen surge in tech investment in India with 28 unicorns – privately held startups with a valuation of $1 billion or more – being added in the past nine months of this year. are. According to data provider Prekin, Indian startups had raised $25.2 billion as of September 9 this year, compared to $11.2 billion in full 2020. To get a piece of the action, limited partners, who are investors in the fund, are also doubling down. India. ET reported on August 11 that
Stellaris Venture Partners Raises $225 Million For its second India-dedicated fund, which is nearly three times the size of its $90 million first fund that was launched four years ago. ET also reported that
A91 Partners has closed its second fund, a fund of about $525 million – about 50% larger than its first fund.