IIT Madras and Unicorn India Close ₹450 Crore Fund
IIT Madras and Unicorn India Ventures achieved a first close of ₹450 crore for the Unicorn Frontier Fund to support deep-tech startups.
The Indian Institute of Technology Madras, the IIT Madras Research Park, and Unicorn India Ventures have achieved a first close of ₹450 crore for the Unicorn Frontier Fund. Announced in Bengaluru in the presence of Union Finance Minister Nirmala Sitharaman, the deep-tech venture fund aims for a total target corpus of ₹1,000 crore.
The fund reached this milestone three months after receiving SEBI approval, sourcing capital from family offices, financial institutions, and alumni including Kris Gopalakrishnan. The fund has already deployed nearly ₹55 crore across four startups: Hathor, Quanstra, Triolt Energy, and Carbelim.
Over the next three years, the fund targets investments in 25-30 startups within high-conviction sectors such as AI, semiconductors, space, and defense. While the IIT Madras Research Park expects a final close by December 2026, other reports indicate the window may extend to March 2027.
