Endiya Partners.
Hyderabad's product-deeptech seed shop with hard numbers: Fund I at 4.0x MOIC and 2.0x DPI before Kissht, its Darwinbox seed cheque partial-exited into the KKR round, its first IPO (Kissht) listed May 2026, and Fund III ($100M, IFC + AIIB) is deploying into semis and agentic AI.
GW GP Score
Endiya is the strongest documented seed record most people haven't heard of: a ₹175 Cr 2016 fund showing 2.0x DPI (cash) and 4.0x MOIC before its Kissht position listed, powered by the Darwinbox seed, Steradian's sale to Renesas and ShieldSquare's to Radware. The Fund III thesis is conviction-deeptech: GenAI chip-design copilots (Maieutic), semi-humanoid robots (Perceptyne), agentic CFO software (OpenCFO), with IFC and AIIB as anchors. Small cheques, product-first, Hyderabad-based: the anti-Bangalore consensus portfolio.
Re-up candidate: the realised-cash evidence is doing more work than the brand story.
The important signal is not the latest round; it is whether the firm can keep converting marks into distributions.
No named analyst override yet; current view is generated from the scored dossier and should be refreshed when the next primary source lands.
Kissht post-listing performance and Endiya's residual management.
Cure.fit IPO-track mention: single-source, verify.
Boutique AUM caps follow-on defence in competitive rounds: winners get diluted.
Computed from current dossier sources; analyst override pending.
The most complete small-fund record in the cohort: documented DPI, four exit channels, and a research-led deeptech thesis deploying into the ISM cycle. Positive.
Darwinbox seed + Kissht + Scrut/Zluri growth SaaS
2.0x DPI documented + all four exit channels used
Semis/agentic-AI/robotics seed thesis, research-published
Fund III closed at target with multilateral anchors
Founding trio intact ten years
Portfolio quality 25% · Exit realisation 30% · Sector positioning 15% · Capital velocity 15% · Franchise stability 15%: see the full GP Score methodology · compare this firm →
Positive catalysts and/or re-up evidence exceed the visible risks, but the score should move only after the named proof lands.
Separate broad PE-VC softness from venture AI strength before changing sector-positioning scores.
Cure.fit IPO-track mention: single-source, verify.
Kissht post-listing performance and Endiya's residual management.
If you missed 3one4's proof-of-DPI window, Endiya is the same trade earlier: documented 2.0x cash on Fund I, multilateral anchors already in, and a thesis (semis tooling, agentic AI) the cycle is paying up for.
Boutique AUM caps follow-on defence in competitive rounds: winners get diluted.
Kissht post-listing performance and Endiya's residual management.
Coverage initiated: inaugural GW GP Score.
Catalyst exposure · latest source pressure
Recent public evidence mapped to this GP. Read this before reading the position table: it is where the score can move next.
Keep the file warm; current events cut both ways or are not yet material enough to move score.
Attribution1 positive catalyst(s), 0 pressure catalyst(s); top driver: India PE-VC value down 5% YoY in H1 CY2026.
The broad private-capital backdrop is selective rather than euphoric; fundraising and mark support now need firm-specific proof.
Score pressureRaises the bar for weak-DPI managers and stale flagship vehicles; rewards funds with fresh closes or visible exits.
Separate broad PE-VC softness from venture AI strength before changing sector-positioning scores.
The funds
~$200M cumulative (E) across 3 tracked vehicles.
| Vehicle | Vintage | Size | Stage | Note |
|---|---|---|---|---|
| Fund III | 2025Recovery / IPO window | $100M | Seed | Closed Mar 2025; LPs incl. IFC, AIIB |
| Fund II | 2020Covid dislocation | ~$70M (E) | Seed | Scrut, Zluri, Qapita, Sugarfit vintage |
| Fund I | 2016First boom | ₹175 Cr | Seed | 4.0x MOIC / 2.0x DPI pre-Kissht; Darwinbox, Kissht, Steradian |
Closest bookspi Ventures (1 shared) · Trifecta Capital (1 shared) · Lightspeed India (1 shared)computed · E
Fund analytics · LP underwriting screen
Computed from the public dossier: vehicle cadence, realised exits, mark drift, concentration and franchise stability. All computed signals are GW estimates.
Latest vehicle closed inside the current exit/repricing window.
2 visible exit events since Jul 2024.
Latest vehicle closed inside the current exit/repricing window.
6 up / 2 flat / 0 down tracked signals.
No senior departure flagged in key people.
6 up / 2 flat / 0 down
2 events since Jul 2024
Largest tracked active exposure
Higher spread = less balanced franchise
Exit-led repricing; entry discipline decisive
Fear-priced entries: strong vintage in hindsight
Unicorn discovery; pricing still forming
At least one cited source is dated 2026.
2 visible events tracked.
9 representative positions tracked.
No departure signal structured.
Fund-level DPI/TVPI is usually not public; proxy remains estimated.
Peer median 2 · +0
Peer median 2 · -2
Peer median 74 · +8
Peer median 62 · +14
Peer median 0 · +0
Diligence agenda · how this view can change
The live research question, the proof required, and the source standard. This prevents a GP score from becoming a stale label.
Team data, Performance proxy evidence remains low-confidence despite a scored dossier.
Current · At least one cited source is dated 2026.
Upgrade the weak fields with dated facts before the next score action: Team data, Performance proxy.
Prioritise filings and firm disclosures; mark estimates as GW E until then.
Cure.fit IPO-track mention: single-source, verify.
Kissht post-listing performance and Endiya's residual management.
Evidence quality · source file health
How hard the public record is beneath this view: source mix, freshness, low-confidence fields and the next source action.
No primary source structured.
5 total sources · 0% primary
At least one cited source is dated 2026.
DealStreetAsia: Kissht listing, Endiya first IPO exit (May 2026)
Find a filing, official firm disclosure, regulator table or LP document before next score action.
Source tiering follows Gravitywell policy: primary = filing/regulator/company disclosure, secondary = reputable media or research, E = Gravitywell estimate. Evidence score is a GW control metric, not an external rating.
The position book
~45 companies across three funds. 9 tracked below.
| Company | Sector | Entered | Entry stage | Status | 12-mo signal | Latest read |
|---|---|---|---|---|---|---|
| Darwinbox | SaaS & Dev Tools | 2016 | Seed (led) | Unicorn | ▲ | Partial exit into the $140M KKR/Partners Group round (Mar 2025): Fund I's engine |
| Kissht | Fintech | 2017 | First institutional | Public | ▲ | Listed May 2026 (+12%); ₹76 Cr OFS shared; AUM ₹5,956 Cr, net NPA 0.31% |
| Scrut Automation | SaaS & Dev Tools | 2021 | Seed | Private | ▲ | GRC compliance: flagged high-growth |
| Zluri | SaaS & Dev Tools | 2021 | Seed | Private | ▲ | SaaS management / identity governance |
| SigTuple | Healthcare | 2017 | Early | Private | → | AI pathology; Horiba global distribution deal; co-held with pi Ventures |
| Qapita | Fintech | 2020 | Seed | Private | → | Cap-table infrastructure |
| Maieutic Semiconductors | Deeptech & Space | 2025 | Seed co-led ($6M total) | Private | ▲ | GenAI copilot for analog IC design: ISM-era thesis |
| Perceptyne | Deeptech & Space | 2024 | Seed co-led ($3M) | Private | ▲ | Semi-humanoid industrial robots |
| OpenCFO | AI | 2026 | Seed led ($2M) | Private | · | Agentic finance-ops for mid-market CFOs |
Representative tracked positions reconstructed from public disclosures: not the full book. 12-mo signal is a GW estimate of mark direction from round/exit prints (E). Ownership stakes are not shown: not reliably public.
Sector exposure · where the book leans
Share of the tracked active book by normalized sector (GW estimate): read against our sector dossiers for crowding.
New cheques · 2025-26
Fund III deploys exactly on the published thesis: semiconductor design tooling over application chips ('horizontal productivity beats application-specific'), robotics, agentic enterprise software, healthcare delivery. The firm publishes India semiconductor reports: research-led seed investing, rare at this size.
Sorin-led; pain-care clinics
Tokyo Edge Capital joined
With Yali Capital
Realisation · are LPs getting paid?
The 2.0x-DPI-before-the-IPO framing understates it: Fund I has now had a strategic sale (Steradian→Renesas), a security exit (ShieldSquare→Radware), a marquee secondary (Darwinbox) and an IPO (Kissht), a complete exit repertoire from one ₹175 Cr seed fund.
₹926 Cr IPO; Endiya in the ₹76 Cr OFS pool; first public-market exit: retains listed stock.
Partial exit into the KKR/Partners Group $140M round: key driver of Fund I's 4x.
Documented pre-Kissht: top-decile Indian seed vintage claim credible
Follow-on leverage claim; ~85% of Fund I raised further rounds
Fund III anchored institutionally
Self-reported but specific and internally consistent: 2.0x cash DPI on a 2016 seed vintage would rank with 3one4's Fund I as India's best-documented seed realisation. GW read: underweighted reputation, overdelivering record. E.
What they're doing
Product-first seed: Indian-built IP with global markets: SaaS, semis, medtech.
Research-led theses (published semiconductor reports) → conviction seeds (Maieutic).
Full exit repertoire: strategic M&A, secondaries into PE rounds, IPOs: whatever the asset earns.
Hyderabad base as differentiated deal flow off the Bangalore consensus path.
What can break
Boutique AUM caps follow-on defence in competitive rounds: winners get diluted.
Deeptech duration (semis, robotics) stretches a seed fund's clock.
Trio-dependent; bench beneath the three founders is thin publicly.
Kissht post-listing performance and Endiya's residual management.
Cure.fit IPO-track mention: single-source, verify.
SEA expansion reported alongside Fund III: headline-level only.
Point-in-time discipline: these are the open items we could not verify at the current vintage. They get resolved: confirmed, corrected or dropped, at the next monthly refresh, never silently.
The takes · one screen, three readers
If you missed 3one4's proof-of-DPI window, Endiya is the same trade earlier: documented 2.0x cash on Fund I, multilateral anchors already in, and a thesis (semis tooling, agentic AI) the cycle is paying up for.
Endiya reaches Hyderabad/product-deeptech founders Bangalore funds meet late. Their seed in your Series A is quality signal, not competition: they can't defend ownership past B.
Their semiconductor reports + Maieutic/Perceptyne cheques are a working map of India's chip-design-tooling layer: the part of ISM where software economics actually apply.
Sourcing. Every figure is sourced and dated. We tier provenance: Primary (official, regulatory, exchange or company filings), Secondary (tier-1 industry research and reputable media), and GW estimate (our own reconstruction or opinion, labelled, never presented as external fact). We prefer primary where it exists, reconcile divergent prints to cited ranges, and hold every number point-in-time: dated, and never silently restated; revisions publish as dated changes.
Fact vs opinion. Facts vs opinion: market sizes, official prints, prices, named deals and agency ratings are sourced facts (Primary/Secondary). Scores, grades, purity weights, scenario paths and indicative sparkline points are Gravitywell's analytical opinion (GW estimate): labelled, not presented as external data.
GW GP Scores are research opinions, not investment advice, not a solicitation, and not an assessment under any SEBI regulation. Dossiers are compiled from public sources believed reliable; firms named did not participate and figures marked E are Gravitywell estimates. Point-in-time: dated to the vintage shown and never silently restated.