IIT Madras, Unicorn India Ventures Close Deeptech Fund at ₹450 Cr
IIT Madras and Unicorn India Ventures have announced the first close of their deeptech-focused fund, IITM Unicorn Frontier Fund I, with ₹450 crore (approximately $46.9 million) in capital.
Unicorn India Ventures, in collaboration with IIT Madras and IIT Madras Research Park, has achieved the first close of its deeptech-focused venture capital fund, the IITM Unicorn Frontier Fund I, securing ₹450 crore (approximately $46.9 million).
The fund has already allocated nearly ₹55 crore to four early-stage startups: Hathor, Quanastra, Triolt Energy, and Carbelim. Launched in February, the fund has a base corpus of ₹600 crore and a greenshoe option of ₹400 crore, aiming for a total corpus of up to ₹1,000 crore (approximately $104.4 million) by its final close in December 2026.
Initial investors include IIT Madras alumni and family offices, with institutional investors and banks anticipated to join before the final close. Managed by Unicorn India Ventures, the fund intends to build a portfolio of approximately 25 startups, with individual investments ranging from ₹15 crore to ₹25 crore. The primary focus is on early-stage deeptech companies at Technology Readiness Levels (TRLs) 3-4.
The fund's six key investment sectors are defence tech, spacetech, semiconductors, manufacturing technology, robotics and automation, AI infrastructure and GenAI, and healthtech. Investments will be evaluated based on their export potential, import substitution capabilities, and contribution to domestic technological advancement.