IIT Madras Research Park and Unicorn India Ventures have launched a ₹600 crore deep tech fund. IIT Madras Research Park has partnered with Unicorn India Ventures to launch a ₹600 crore deep tech fund.
The fund, called IIT Madras Unicorn Frontier Fund I, includes a ₹400 crore green shoe option and aims to invest in over 25 startups, primarily in IP-led and engineering-intensive sectors.
The announcement was made by V. Kamakoti, director, IIT Madras, during the inauguration of E-Summit 2026, hosted by the Entrepreneurship Cell at IIT Madras.
“India needs capital to help startups cross what the West calls the ‘valley of death’. I prefer to call it the ‘valley of hope’…This fund is designed to give startups the financial strength and confidence to move from prototype to product and scale with conviction,” Kamakoti told ETEntrpreneur.
He further highlighted the importance of technological sovereignty and the need to strengthen indigenous capabilities in areas such as artificial intelligence, semiconductors, defence technology and quantum computing.
“It is very important that we work on our national priorities. It is also important that we be locally relevant. Local relevance gives you global excellence. We are creating a sustainable model where startups receive funding and access to advanced infrastructure, and in return, the ecosystem grows with them. When they succeed, the institute succeeds with them,” he added.
The fund will focus on early-stage startups operating in robotics, space technology, defence technology, semiconductors, among other critical sectors.
According to officials, a majority of the portfolio companies will be sourced from the IIT Madras ecosystem, with the remainder identified from the broader Indian deep tech sector.
Under the proposed structure, the average initial investment is expected to range between ₹8-10 crore, the institute said.
“India’s deep tech ecosystem is at an inflection point. We have demonstrated that without pouring in billions of dollars, we can build mission-driven, globally competitive and innovation-led startups from here. This initiative has given us the necessary impetus to further accelerate the speed of innovation at IITMRP,” said Natarajan Malupillai, CEO of IIT Madras Research Park.
Around 60 per cent of the corpus will be allocated towards building the primary portfolio, while the balance will be reserved for follow-on investments. The fund is structured as a 10+2 year vehicle and will primarily back companies that have achieved Technology Readiness Levels 3–4.
IIT Madras Research Park, established as a university-based research park, currently hosts research-driven companies and startups across multiple sectors.
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