The fund also announced deploying nearly Rs 55 crore in 4 deep tech startups. This includes Chennai-based spacetech startup Hathor building specialized semi-cryogenic and cryogenic rocket engines for small and medium satellite launch vehicle companies and Delhi-based quantum deeptech startup Quanstra developing single-photon detection systems and advanced quantum instrumentation for research and emerging industrial quantum applications.
Other two start-ups include Triolt Energy, which is developing high performance Lithium Ion battery cells optimised for drones and fast charging electric mobility applications and Carbelim which is developing bio-integrated carbon capture and air purification systems using proprietary microalgae technology.
The Fund will focus on six high-conviction verticals where India holds a structural “right to win” globally.
This include Defense Technology (import-substitution), Space Technology (space-qualified hardware at 1/10th global cost), Semiconductors (fabless design and IP ownership)
Other focus sector includes Manufacturing Technology, Robotics & Automation, AI Infrastructure/GenAI (sovereign enterprise AI), Health Tech (for providing healthcare for bottom of pyramid)
“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,” Prof. Kamakoti Veezhinathan, Director, IIT Madras, said.
“India is undoubtedly entering a defining decade for deep tech startups and is moving from promise to scale. 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,” Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said.
We intend to continue building a portfolio of high-potential deeptech ventures that can create significant technological and economic value, he said.
“IIT Madras Research Park and the Incubation Cell has pioneered translational research and innovation for large companies and nurtured Deeptech startups. As the entrepreneurial ambition grows, we see a need to support them with right-sized, patient capital. The IITM Unicorn Frontier Fund-I brings long-term capital into the IIT Madras innovation ecosystem, helping scale-up of IP-led, globally competitive companies from India,” Natarajan Malupillai, Group CEO, IITM Research Park, Incubation Cell & RTBI said.
Beyond individual startups, our ambition is to strengthen India’s technology capabilities, build greater self-reliance in critical sectors and position India as a source of frontier technologies for the world, he said.
With the first close reached, the fund will continue to invest in IP-led deeptech, engineering heavy startups, with an aim to build a portfolio of 25 startups. The fund is being backed by leading alumni from IIT Madras (IITM) and prominent family offices and is targeting a final close by the end of this year wherein institutional investors and banks will join in.
Unicorn India Ventures, as the fund manager will leverage its ability to mobilise capital beyond the primary fund corpus and build a robust co-investment engine to ensure that portfolio companies are never capital starved.
