Unicorn India Ventures has successfully closed its third fund at ₹1,200 crore, exceeding its initial target. Deeptech-focused venture capital firm Unicorn India Ventures (UIV) has announced the final close of its third fund at ₹1,200 crore.
Launched in 2023 with a target corpus of ₹1,000 crore and a greenshoe option of ₹200 crore, the fund had marked its first close at ₹225 crore.
The VC firm said Fund III is focused on backing early- and growth-stage deeptech startups across sectors such as semiconductors, spacetech, medical diagnostics, SaaS and India-focused digital platforms.
So far, it has backed 14 companies from Fund III, including Piscium, Aurassure, Netrasemi, OrbitAID, Exsure, StampMyVisa, Deep Algorithm, Medy Seva, Qubehealth, EyeROV, Kluisz, Zealthix, among other startups.
It plans to announce four more investments in areas such as quantum sensing, agritech and spacetech in the coming months.
The latest fund has also seen participation from high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), family offices and institutional investors.
Notably, the firm raised capital from global limited partners for the first time, with around 33 per cent of Fund III’s LP base coming from the US.
Marquee limited partners in the fund include SIDBI, SBI, NABARD, and the state governments of Kerala, Madhya Pradesh and Odisha.
Across its three funds, Unicorn India Ventures has built a portfolio of nearly 50 companies, with a total portfolio valuation of around $5 billion.
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