Endurance Capital

Endurance Capital is an India-based venture capital firm that operates as a stage-agnostic and contrarian investor in private markets. The firm focuses on backing profitable, often overlooked businesses that may be considered too small for traditional private equity or too niche for typical venture capital. Their investment thesis targets companies with the potential to unlock operating leverage at scale, grow by servicing debt, and accelerate growth through equity raises.

The firm was founded in 2013 and primarily operates out of Delhi, India, with additional offices in Mumbai and Bangalore. Endurance Capital makes highly concentrated bets, with a minimum 10% stake for early-stage investments up to INR 8 crore, focusing on the 0-1 journey. For late-stage specialist businesses, they invest up to INR 10 crore without a minimum stake, targeting companies raising their last funding round before a planned IPO, demonstrating market leadership in niche sectors, and achieving ARR of INR 200 crore+ with over 25% growth. They also prefer businesses with high gross margins, strong promoter holding, and low working capital intensity.

Endurance Capital's portfolio includes a diverse range of companies such as Zypp Electric, Shiprocket, Celcius, Mykare Health, Nected, Chelvies Coffee, Vellum, Sumo, ePlane, Open, Pilgrim, Giva, Blue Tokai, Grip, Bare, Procol, Agni, Vahak, Log9, Rupifi, Leegality, Lohum, Oto Capital, and SmartCoin. These investments span various sectors, including electric vehicle rentals and last-mile delivery, cold chain logistics, healthcare savings plans, workflow automation, and reinsurance software.

The team at Endurance Capital comprises experienced investors and operators. Archana Priyadarshini brings over 25 years of experience, having invested in more than 200 startups and previously worked with VC funds like Unicorn India and Wells Fargo. Siddharth Sirigeri has over 15 years of experience as an operator and investor, with investments in over 150 startups and deep domain expertise in trading and finance from his time at Citi. Abhishek Mittal also has over 15 years of experience as an operator and investor, having invested in over 100 startups and managed various business functions.