Unicorn India Ventures Closes INR 1,200 Cr Deeptech Fund III Fund III is expected to back around 20 startups, with an average ticket size of INR 10–15 crore.
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Deeptech-focused venture capital firm Unicorn India Ventures has closed its third fund at INR 1,200 crore, exceeding its initial target of INR 1,000 crore.
Limited partners in Fund III include high-net-worth individuals, ultra-high-net-worth individuals, family offices and institutional investors. The backers include public sector institutions such as SIDBI, SBI and NABARD, along with state governments of Kerala, Madhya Pradesh and Odisha.
The firm said the new fund will focus on sectors such as semiconductors, spacetech and artificial intelligence (AI) infrastructure. It added that early traction has been encouraging, with seven to eight portfolio companies already raising significant follow-on funding rounds.
Fund III is expected to back around 20 startups, with an average ticket size of INR 10–15 crore. The firm plans to announce four new investments in the coming months across areas such as quantum sensing, agritech and spacetech.
Across its three funds, Unicorn India Ventures has built a portfolio of nearly 50 companies, with a combined valuation of about USD 5 billion.
The firm noted that it is largely avoiding AI application-focused software-as-a-service (SaaS) plays and is instead concentrating on AI infrastructure, including semiconductors, data centres, power systems and other enabling technologies. It is also exploring nuclear micro power generation as a potential long-term enabler for AI-led growth.
Another trend highlighted by the firm is the rising presence of academicians as startup founders. Four to five companies backed under Fund III are led by academicians, including one by a currently teaching academic.
Founded in 2015 by Bhaskar Majumdar and Anil Joshi, Mumbai-based Unicorn India Ventures is a SEBI-registered Alternative Investment Fund that invests in early-stage, technology-led startups, typically from seed to pre-Series A stages.
