Unicorn India Ventures hits first close of $27.1m fund

VC firm Unicorn India Ventures (UIV) has announced the first close of its Fund III at 225 crore rupees (US$27.1 million) out of a total fund size of US$120.5 million.

The fund aims to build a portfolio of startups in sectors like agritech, spacetech, and semiconductors. Its initial investments into portfolio firms will range from US$1 million to US$2 million.

“The metrics for us is a clear path to profitability for the companies,” said Bhaskar Majumdar, managing partner at UIV. “We avoid high cash burn businesses like direct-to-consumer, consumer internet, and content businesses.”

The firm expects Fund III’s final close by March 2024.

Launched in 2016, UIV’s strategy is to be its startups’ “first institutional investor” by backing early-stage companies and then supporting them in follow-on rounds. It has invested in at least 35 firms across its first two funds, including lending app Smartcoin and vending machine startup Daalchini.

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Currency converted from Indian rupees to US dollar: US$1 = 82.95 rupees.