Unicorn India Ventures Celebrates First Close of Fund III at Rs 225 Crore

Unicorn India Ventures (UIV), an early-stage venture capital firm, has marked a significant milestone by announcing the first close of its Fund III at Rs 225 crore.

This fund, with a total target size of Rs 1,000 crore, is poised to make a substantial impact on India's startup ecosystem. The final close of the fund is anticipated by March next year.

UIV's Ambitious Goals for Fund III

With Fund III, Unicorn India Ventures is setting its sights on assembling a diverse portfolio of 25 startups. These startups will primarily operate in the burgeoning global software-as-a-service (SaaS) and digital platform sectors.

However, UIV is also eyeing promising opportunities in sectors such as climate tech, agritech, spacetech, and the semiconductor ecosystem.

A Focus on Enabling India's Digitization

Bhaskar Majumdar, Managing Partner at Unicorn India Ventures, highlighted the firm's meticulous approach to investments, emphasizing their role as the first institutional investors: "Before doing any investment, we spend considerable time with the founders to understand their vision, team's capabilities, growth plans, and leadership style."

UIV's core focus is on companies that act as enablers in India's digitization journey, while avoiding businesses characterized by high cash burn, such as D2C (Direct-to-Consumer), consumer internet, and content-focused enterprises.

UIV's Impressive Journey

Unicorn India Ventures, founded in 2016 by Bhaskar Majumdar and Anil Joshi, has embarked on an impressive journey in the venture capital landscape. Following the success of its first fund, the firm introduced Fund II in 2020, with a corpus of Rs 300 crore.

The early investments made by UIV have yielded exceptional growth, with several portfolio companies securing multiple rounds of funding within the initial two years.

UIV's Portfolio and Expansion

Fund II boasts a diverse portfolio of 20 companies, and in total, Unicorn India Ventures now manages two funds, with an active portfolio comprising over 35 companies.

Fund I, with a corpus of Rs 100 crore, has invested in notable companies such as SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, and FutureCure. Fund II has invested in 20 companies, including names like Gamerji, ForeignAdmits, Probus, Daalchini, Esmito, and Finin.

 A Focus on Emerging Regional Hubs

Anil Joshi, Managing Partner at UIV, underlined the firm's commitment to nurturing Indian startups, revealing that over 60 percent of their portfolio is comprised of startups emerging from regional hubs like Kochi, Jaipur, Ahmedabad, Pune, and Hyderabad.

With Fund III, Unicorn India Ventures aims to stay dedicated to scouting for highly innovative companies capable of solving real-world problems through technology-driven solutions.

Strengthening the Management Team

To bolster its capabilities and expand its impact, Unicorn India Ventures has appointed two key senior personnel, Bikram Mahajan and Kamlesh Ahuja, further solidifying its management team.

Some relevant and latest facts about the news article:

• Unicorn India Ventures has announced the first close of its Rs 1,000 crore Fund III at Rs 225 crore.

• The final close of the fund is expected by March 2024.

• With Fund III, UIV aims to build a portfolio of 25 startups that are focused in the global software-as-a-service (SaaS) and digital platforms sectors.

• The VC firm is also looking at newer sectors such as climate tech, agritech, spacetech, and the semiconductor ecosystem.

• UIV is known for being the first institutional investor in many of its portfolio companies.

• The VC firm has a strong track record of success, with several of its portfolio companies having raised multiple rounds of funding in the first two years after the initial investment.

• UIV's Fund I, which had a corpus of Rs 100 crore, invested in companies such as SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, and FutureCure.

• Fund II, which had a corpus of Rs 300 crore, invested in 20 companies such as Gamerji, ForeignAdmits, Probus, Daalchini, Esmito, and Finin.

• Fund III will invest in startups with a first cheque of around $1-2 million and then invest in the follow-on round.

• UIV is committed to nurturing Indian startups and will continue to scout for highly innovative companies whose disruptive solutions can address real-life problems of users by leveraging technology.