Bengaluru: IIT Madras, IIT Madras Research Park (IITMRP), India’s first university-based research park and a leading force behind India’s deep tech transformation and Unicorn India Ventures, India’s leading DeepTech VC today announced first close of its Rs 1000 crore fund at Rs 450 Cr in the presence of Hon’ble Finance Minister Nirmala Sitharaman. The first close has been achieved in a record 3 months after receiving SEBI’s approval. The final close is expected by December 2026.
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.”
The fund also announced deploying nearly Rs 55 crore in 4 deep tech startups marking a significant milestone in its efforts to strengthen India’s deeptech ecosystem.