IIT Madras-backed Unicorn India Ventures raises ₹450 crore; to complete the fund at ₹1,000 crore by December

IIT Madras, its Research Park and venture capital firm Unicorn India Ventures have announced the successful initial funding of ₹450 crore for a ₹1,000 crore fund dedicated to advanced technology startups. This commitment aims to bolster India's deep tech ecosystem, with nearly ₹55 crore already invested in four promising startups.

Bhaskar Majumdar, Managing Partner of Unicorn India Ventures, emphasized that India is entering a crucial decade for deep tech startups, moving from promise to scale. The fund will target six high-conviction verticals in which India has a global competitive advantage, including defense technology, space technology, semiconductors, manufacturing technology, robotics, AI infrastructure, and health tech.

Union Minister of Education Pralhad Joshi highlighted India's impressive infrastructure growth, with electricity generation capacity increasing from 249 GW to 552 GW, and renewable energy playing a significant role in the nation's technological self-reliance. Zoho Corporation's Chief Scientist and Co-founder Sridhar Vembu stressed that national security is increasingly dependent on technology, and foreign dependencies can be weaponized.

He also pointed out that productivity gains should benefit citizens if tech monopolies are overcome, advocating for indigenous alternatives to foreign platforms and monopolies. IIT Madras Director Prof. V. Kamakoti underscored the institute's role in expanding access to technology education and building India's innovation ecosystem.