Growth-stage tech investment firm Epiq Capital, which has backed companies like Lenskart, Curefit, Dailyhunt, Builder.ai, PristynCare, and Park+, has made the final close of its second fund.
The Mumbai-based firm’s second vehicle was oversubscribed at $225 million (Rs 1,845 crore) as it was targeting a corpus of $200 million. The fund marked its first close in December 2021 at $100 million.
The new fund will make growth equity investments in around 10 companies in the technology space with ticket sizes ranging from $20-25 million. The fund will make both primary and secondary transactions in companies.
Epiq Capital, which has assets under management of over $300 million across two funds, said that tech entrepreneurs, industrialists, sports and entertainment leaders, family offices, sovereign wealth funds and other institutions invested in the second fund. The firm itself invested Rs 50 crore (nearly $6 million) in the fund.
The new fund raised capital primarily from domestic investors, said Rishi Navani, founder and managing partner, Epiq Capital. Navani is also a co-founder of venture capital firm Matrix Partners and was managing director at homegrown private equity firm WestBridge Capital in the past.
For 95% of high-net-worth individuals, this is the first time that they have invested in a private fund, said Navani.
Epiq didn’t name its investors but it was earlier reported that actor Aamir Khan, cricketer Virat Kohli, and Curefit founder Mukesh Bansal were some of the prominent names that came in as limited partners for the fund.
Launched in 2016 by Navani, Epiq Capital launched its $100 million first fund in 2017. The fund backed companies such as Lenskart, Curefit, DailyHunt and Teachmint, among others.
Epiq is also an investor in app development platform Builder.ai, point-of-sale services provider Mswipe, online home rental startup NestAway, and healthtech company Pristyncare.
It claims that its portfolio companies have over $250 million in average annualised revenue run rate and have achieved over 75% annualised revenue growth over the last three years.
