Overview
- The fund recorded a ₹450 crore first close on Saturday, three months after receiving SEBI approval.
- Unicorn India Ventures will manage the vehicle while IIT Madras Research Park serves as the incubation and research partner.
- Nearly ₹55 crore has already been deployed to four startups — Hathor, Quanstra, Triolt Energy, and Carbelim — for projects in rocket engines, quantum sensing, batteries, and microalgae carbon capture.
- The vehicle has a base corpus of ₹600 crore with a ₹400 crore greenshoe option and is targeting a final close of up to ₹1,000 crore by December 2026.
- The fund plans about 25 investments with ₹15–25 crore cheques focused on TRL 3–4 technologies across defence, space, semiconductors, manufacturing and robotics, AI infrastructure/GenAI, and health technology to accelerate commercialisation and reduce import dependence.