Mumbai-based Unicorn India Ventures (UIV), an early-stage fund house with a pan India presence, has marked the first close of its Rs 1000 crore Fund III. The first close is reached at Rs 225 crore and final close is expected by March 2024, according to the company.
With this Fund, UIV aims to build a portfolio of 25 startups that are focused in global SaaS and digital platforms, Unicorn India’s expertise areas. From the sector’s perspective, the Fund is looking at newer sectors of climate tech, agritech, spacetech and the semiconductor ecosystem.
Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests in startups in emerging sectors. Post the success of the First Fund, Unicorn India Ventures launched Fund II, a Rs 300 crore fund launched in 2020. With Fund II it has invested in around 20 companies.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures said, “We continue to identify innovative business models with faster scalability. The metrics for us is a clear path to profitability for the companies. Being the first institutional investors, before doing any investment we spend considerable time with the founders to understand their vision, team’s capabilities, growth plans and leadership style. Our focus is to invest in companies that are enablers of India’s digitisation across sectors. We avoid high cash burn businesses like D2C, Consumer Internet, content businesses.”
Unicorn India Ventures has also announced senior hiring for Fund III.
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