Unicorn India Ventures Announces First Close Of 2nd Fund

The fund, with a total corpus of INR 400 crore was announced last year.

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Mumbai-based venture capital firm Unicorn India Ventures has announced the first close of its 2nd equity fund at $12 million. The fund, with a total corpus of INR 400 crore was announced last year. The firm said it has raised investment from domestic investors comprising of family offices and investors from the first fund.

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The fund is expected to reach a final close in next 12 months, and will likely see participation from large institutional investors. Along with the first close, Unicorn India has also announced its first investment in a healthtech startup SaScan Meditech.

“Our commitment to nurture Indian startups is unwavering and we will keep scouting for innovative ventures as done in fund-I. Having announced our first investment from fund-II simultaneously is a testimony to that,” managing partner Anil Joshi said in a statement.

Trivandrum-based SaScan is an innovative Neo-Diagnostics startup developing integrated hardware and software solutions for medical diagnostics. It is currently focused on bringing a handheld fully automated solution for non-intrusive oral cancer screening.

Explaning their thesis of investing in the start-up, Joshi said, “their methodology of making cancer detection less painful and more accurate in pre-diagnosis impressed us to invest in it.

From the new fund, Unicorn India will take part in pre-Series A and above funding rounds. The average cheque size is expected to be $1 million. The firm said it expects to invest in 20 companies from the second fund.

 “Our first fund has been performing quite well. Many companies from the first fund like Open Bank, Genrobotic, Sequretek, Smartcoin are scaling up faster than its peers. They have already caught the attention of many top-notch international funds. With this second fund, we hope to continue our track record of identifying innovative business models with faster scalability across sectors B2B, SaaS, health tech, robotics, gaming and digital content,” said managing partner Bhaskar Majumdar.