Mumbai-based early-stage fund Unicorn India Ventures recently announced the first close of its second equity fund at $12 million.
The ₹400Cr second equity fund was announced last year and the funds for it have been raised from domestic investors comprising family offices and investors from the first fund. It is targeting to raise the total amount in the next 12 months.
Incorporated by Anil Joshi and Bhaskar Majumdar, Unicorn India Ventures is an early-stage technology-focused Indian registered venture fund that is known to invest in seed and early stages with initial and follow-on investments in the range of Rs 50 lakhs to Rs 10 crore.
The firm’s maiden fund was launched five years ago at ₹100Cr. So far, Unicorn India Ventures has invested in 17 startups and it has box.ai, SectorQube, Inntot, GrabonRent, SmartCoin and Finsall in its portfolio. The firm will be looking to deploy the latest fund in around 20 startups by infusing about $1mn at their pre-Series A stage and upwards.
It has already made its first bet from the latest fund, backing Kerala-based neo-diagnostics startup SaScan Meditech. Founded in 2016, Sascan is currently focusing on bringing OralScan to the market, a handheld, fully automated solution for non-intrusive oral cancer screening.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said, “Our first fund has been performing quite well. Many companies from the first fund like Open Bank, Genrobotic, Sequretek, Smartcoin are scaling up faster than their peers. They have already caught the attention of many top-notch international funds. With this second fund, we hope to continue our track record of identifying innovative business models with faster scalability across sectors B2B, SaaS, health-tech, robotics, gaming, and digital content.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.