IIT Madras Unicorn Frontier Fund I achieves first close at ₹450 cr
IIT Madras alumni emerge as key contributors for close
The IIT Madras Unicorn Frontier Fund I has achieved its first close at ₹450 crore, following just three months of fundraising and receiving SEBI's approval to launch the fund. The fund, co-founded by IIT Madras, IIT Madras Research Park (IITMRP), and venture capital firm Unicorn India Ventures, has been raised from a mix of IIT-M alumni, clients of the Research Park ecosystem, and banking financial institutions and family offices.
Union Finance Minister Nirmala Sitharaman attended the event in Bengaluru where the first close was announced. The fund aims to invest in deep tech start-ups across sectors like space, defence, semiconductors, advanced AI, IoT and sensors, industrial automation, health tech, biotech, climate tech and EV/mobility, with a target of achieving ₹1,000 crore+ revenue models by 2030 or 2032.
Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
