Epiq Capital, a venture capital firm, has raised more than its initial target of $150 million by closing its second fund specifically devoted to India at $225 million.
The second vehicle of the Mumbai-based company, which was aiming for a corpus of $200 million, was oversubscribed at $225 million, according to a press release from the fund. In December 2021, it reached its initial close of $100 million.
Contrary to its first fund, which was supported only by foreign limited partners, Epiq’s second fund attracted both domestic and international investors.
Around 10 technology companies will receive growth equity investments from the new fund, with ticket sizes averaging $20–25 million. The fund will invest in businesses through primary and secondary transactions.
Epiq Capital, which was founded in 2016, launched its $100 million first fund in 2017. It supported businesses like Lenskart, Curefit, DailyHunt, and Teachmint, among others.
Additionally, Builder.ai, Mswipe, a company that offers point-of-sale services, NestAway, a startup in online home rentals, and Pristyn Care, a company that develops health technology, are all investments made by Epiq.
It asserts that over the past three years, the average annualized revenue run rate of its portfolio companies has increased by over 75%, to over $250 million.