Shadine Taufik · · 1 min readIndian accelerator hits 5th close of maiden fund at $100m
India-based 9Unicorns, an early- to growth-stage accelerator fund, has recently announced the fifth closure of its maiden fund at US$100 million.
The 9Unicorns team / Photo credit: 9Unicorns
The fund has invested in over 110 startups, including growth-stage firms such as ShipRocket, ShopKirana, and Vedantu. It is focused primarily on working with deeptech, Web 3, fintech, enterprise SaaS, insurtech, media, healthtech, edtech, and D2C startups in Tier 2 and Tier 3 cities in India.
9Unicorns currently invests US$300,000 to US$1 million per startup in the first round. It also plans to invest US$500,000 to US$1 million into startups in the ideation stage and up to US$2 million in high-growth firms.
Reviewing over 700 startups per month, 9Unicorns aims to close the seed-funding gap in India.
Out of the 209,000 startups in the country, only 0.73% are seed funded, while this number stands at 7.2% and 5.1% in China and the US, respectively, according to data by 9Unicorns.
The company was founded by Dr. Apoorva Ranjan Sharma, Anil Jain, Anuj Golecha, and Gaurav Jain in 2020 with an initial size of US$50 million.
The accelerator is looking to secure US$500 million by the second half of this year.
Editing by Deepti Sri and Jaclyn Tiu
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