IIT Madras, Unicorn India Ventures Mark First Close Of Fund I At ₹450 Cr

IIT Madras, the IIT Madras Research Park (IITMRP), and Unicorn India Ventures have collectively closed their inaugural deeptech-focused fund, the IITM Unicorn Frontier Fund I, at ₹450 Cr ($46.9 Mn). This fund has already invested ₹55 Cr across four startups: Hathor, Quanastra, Triolt Energy, and Carbelim. Launched in February, the fund boasts a base corpus of ₹600 Cr and a greenshoe option that allows it to raise up to ₹1,000 Cr ($104.4 Mn).

Its target close date is December 2026. Backed by IIT Madras alumni, family offices, and expected participation from institutional investors and banks, the fund aims to build a portfolio of 25 startups with investment ranges from ₹15 Cr to ₹25 Cr. The fund targets early-stage deeptech startups at technology readiness levels (TRLs) 3-4, focusing on areas such as defence tech, spacetech, semiconductors, manufacturing technology, robotics, automation, AI infrastructure and GenAI, and healthtech.

Among its initial investments, Chennai-based Hathor is developing rocket engines for small and medium satellite launch vehicles, while Delhi-based Quanastra is building single-photon detection systems and quantum instrumentation. Triolt Energy focuses on lithium-ion battery cells for drones and fast-charging electric mobility, and Carbelim utilizes microalgae technology for carbon capture and air purification.