Unicorn India Ventures Closes ₹1,200 Crore Fund III: A Deeptech Goldmine for Indian Startups.
Unicorn India Ventures closes its ₹1,200 crore Fund III to back India’s next wave of deeptech startups in semiconductors, spacetech, and AI infrastructure. Explore their investment criteria, ticket size, and how founders, especially IP-led and academic teams can secure seed to Pre-Series A funding.
Discover how Unicorn India Ventures’ ₹1,200 crore Fund III is reshaping the Indian deeptech landscape. Learn about their investment criteria, focus on semiconductors and spacetech, and how your startup can secure funding.
The Indian venture capital landscape just received a massive injection of confidence. Unicorn India Ventures (UIV), a prominent early-stage VC firm, has officially announced the final close of its third fund at ₹1,200 crore. Surpassing its original target of ₹1,000 crore, this oversubscribed fund signals a structural shift in the Indian ecosystem moving away from generic SaaS toward hard-hitting, foundational Deeptech.
For founders building in complex sectors like semiconductors, spacetech, and AI infrastructure, this news is more than just a headline; it is a roadmap for the next wave of capital.
The Architects: Founders & Vision
Founded in 2016 by Anil Joshi and Bhaskar Majumdar, Unicorn India Ventures was built on the premise of identifying “unconventional” winners.
- Anil Joshi: A veteran in the Indian startup scene, formerly with Mumbai Angels, known for his deep network and hands-on approach to scaling seed-stage companies.
- Bhaskar Majumdar: A seasoned entrepreneur and media veteran with extensive experience in the UK and Indian markets, bringing a global perspective to local innovation.
Together, they have evolved UIV from a generalist tech fund into one of India’s most respected Deeptech-focused investors.
A Legacy of Returns: Past History & Performance
UIV has consistently proven that “early-stage” doesn’t mean “low-stakes.” Across its three funds, the firm has built a portfolio of nearly 50 companies with a combined valuation of approximately $5 billion.
- Fund I (2016): Focused on the first wave of digitization in India. It has achieved a remarkable Distributions-to-Paid-In (DPI) ratio of over 3x, a rarity in the VC world that proves the firm’s ability to exit successfully.
- Fund II: Fully deployed with a focus on breakout companies, reserving a significant 80% of the corpus for follow-on rounds to support winners like Pharmarack and Sequretek.
- Fund III (Current): Launched in 2023 and closed in February 2026, this fund has already backed 14 startups (including Piscium, Netrasemi, and Vodex) and seen 7-8 of them raise substantial follow-on rounds.
Who is Backing the Fund? (LPs & Investors)
In a historic first for the firm, 33% of Fund III’s capital came from international Limited Partners (LPs), primarily from the United States. This marks a significant moment where global capital is betting directly on Indian engineering rigour.
Key Institutional Backers Include:
- Public Sector Titans: SIDBI, State Bank of India (SBI), and NABARD.
- Government Support: State governments of Kerala, Madhya Pradesh, and Odisha.
- Private Capital: A mix of HNIs, UHNIs, and prominent Family Offices.
Please Read: Angel Investing in Bharat: The New Wave of Micro-Angels
The Blueprint for Founders: Investment Criteria & Terms
If you are a founder looking to pitch to Unicorn India Ventures, you need to align with their “Infrastructure-First” philosophy.
1. Target Sectors (The “Must-Haves”)
The fund is aggressively avoiding the crowded AI application (SaaS) space. Instead, they are looking for:
- Semiconductors & Hardware: Chips, processors, and enabling hardware.
- Spacetech: Satellite infrastructure and orbital data centers.
- AI Infrastructure: Power systems, data centers, and “nuclear micro-power” generation.
- Strategic Tech: Quantum sensing, Agritech, and MedTech (IP-led).
2. Investment Terms
- Average Ticket Size: ₹10 crore to ₹15 crore.
- Startup Stage: Seed to Pre-Series A.
- Portfolio Strategy: The fund plans to back a concentrated group of 20 startups, ensuring they have enough “dry powder” to lead follow-on rounds as you scale.
3. The “Academic” Edge
A unique trend in Fund III is UIV’s preference for academic founders. Nearly 25% of the current Fund III portfolio is led by professors or researchers. If your startup is born out of a lab or deep R&D, you have a significant advantage here.
How to Apply: Pro-Tips for Startups
Unicorn India Ventures is known for its “pan-India” sourcing, looking beyond just Bangalore and Mumbai. They have a strong track record of investing in Tier 2 and Tier 3 cities.
- Where to Pitch: Founders can submit their business ideas directly through the UIV Business Submission Portal.
- What to Highlight: Focus on your IP (Intellectual Property) and technical defensibility. UIV looks for “engineering-heavy” solutions rather than just marketing-led growth.
Note to Founders: UIV values repeat entrepreneurs and those with “technology rigour.” Ensure your pitch deck clearly outlines the foundational problem you are solving in the deeptech stack.
Team : Intellex Strategic Consulting Pvt Ltd
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