First close of Fund III announced by Unicorn India Ventures at Rs. 225 Cr
An early-stage fund house with a presence across all of India, Unicorn India Ventures (UIV), based in Mumbai, has announced the first close of its Rs 1,000 crore Fund III. The first close, which was Rs 225 crore, will be completed by March 2024.
In order to capitalize on Unicorn India’s expertise in global SaaS and digital platforms, UIV plans to use this Fund to create a portfolio of 25 startups. The fund is looking at the more recent climate tech, agritech, spacetech, and semiconductor ecosystem sectors from the sector’s perspective.
Unicorn India Ventures is an early-stage venture fund with a technology focus that makes investments in startups in developing industries. It was founded in 2016 by Bhaskar Majumdar and Anil Joshi. Unicorn India Ventures launched Fund II, a Rs 300 crore fund, in 2020 after the First Fund’s closure. The portfolio of the second Fund includes 20 companies. with the management of two funds and more than 35 company active portfolio.
The Fund I has invested in businesses like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, and FutureCure with a corpus of Rs 100 crore. The Fund II made investments in 20 businesses, including Gamerji, ForeignAdmits, Probus, Daalchini, Esmito, and Finin.
The Fund III is currently considering making an initial investment of between $1 and $2 million before making a follow-on round investment.
As part of their investment thesis, UIV only invests 20% of its investible corpus to build the portfolio and uses the remaining 80% to support the portfolio’s winners.
