IITM Unicorn Frontier Fund I Marks First Close at INR 450 Cr

IIT Madras, IIT Madras Research Park (IITMRP) and Unicorn India Ventures have announced the first close of its INR 1,000 crore fund at INR 450 Crore. The first close happened in the first three months of receiving the SEBI approval. The final close of the fund is expected later this calendar year. 

The fund will focus on six verticals ⁠– Defense Technology (import-substitution), Space Technology (space-qualified hardware at 1/10th global cost), ⁠Semiconductors (fabless design and IP ownership), ⁠Manufacturing Technology, Robotics & Automation, ⁠⁠AI Infrastructure/GenAI (sovereign enterprise AI), and ⁠Health Tech ( for providing healthcare for bottom of pyramid).

The fund also announced deploying nearly INR 55 crore in as many as four deep tech startups marking a significant milestone in its efforts to strengthen India’s deeptech ecosystem.

The four deeptech startups are:

Hathor (Chennai-based spacetech startup building specialized semi-cryogenic and cryogenic rocket engines for small and medium satellite launch vehicle companies)

Quanstra (Delhi-based quantum deeptech startup developing single-photon detection systems and advanced quantum instrumentation for research and emerging industrial quantum applications)

Triolt Energy (Developing high performance Lithium Ion battery cells optimised for drones and fast charging electric mobility applications)

Carbelim (Developing bio-integrated carbon capture and air purification systems using proprietary microalgae technology)

Commenting on the first close, Prof. Kamakoti Veezhinathan, Director of IIT Madras said, “At IIT Madras, we have built an ecosystem that has nurtured several deep tech companies who have consistently demonstrated TRL growth and with a joint fund with best in class deep tech investors Unicorn India, we are now confident that these companies will not only get access to patient capital but also strategic growth guidance as well. With Unicorn India’s capability and depth, we have reached the first close in record three months, which is a feat and we are confident that as we build a high potential portfolio with this fund, we will give India some of the best deep tech startups as we have done in the past.”

Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, adds, “India is undoubtedly entering a defining decade for deep tech startups and is moving from promise to scale. As investors, it’s an honour for us to partner with IITM & IIT Madras Research Park, which have been the backbone of deep tech innovation in India. Through our partnership with IIT Madras, we aim to provide early founders the capital and strategic support required to scale and build globally competitive companies from India. With the INR 450 crore first close and our four investments already made, we intend to continue building a portfolio of high-potential deep-tech ventures that can create significant technological and economic value.”