Deep-tech fund reaches ₹450 crore first close, targets ₹1,000 crore
Unicorn India Ventures and IIT Madras have announced a ₹450 crore first close for a fund focused on advanced-technology startups, with the final close targeted at ₹1,000 crore by December 2026. The fund has already committed nearly ₹55 crore to four companies spanning space, quantum technology, energy and carbon capture.
Unicorn India Ventures, IIT Madras and the IIT Madras Research Park have announced a ₹450 crore first close for a fund dedicated to advanced-technology startups. The first close was achieved in three months, and the partners expect to complete the fund at ₹1,000 crore by December 2026, according to the announcement reported by The Hindu. Nearly ₹55 crore is already being deployed across four deep-tech companies.
The recipients are Hathor, a Chennai-based spacetech startup; Delhi-based quantum technology company Quanstra; Triolt Energy, which is developing high-performance lithium-ion cells for drones; and Carbelim, which is working on bio-integrated carbon capture and air-purification systems. Bhaskar Majumdar, managing partner at Unicorn India Ventures, said the fund aimed to provide early-stage founders with capital and strategic support to develop globally competitive companies from India. The fund will focus on defence technology, space technology, semiconductors, manufacturing technology, robotics and automation, AI infrastructure and generative AI, and health technology.
The announcement described these as areas in which India sought to build global strength. At an event at IIT Madras, Education Minister Pralhad Joshi linked expanding infrastructure with technological self-reliance, domestic manufacturing and innovation. He cited growth in India’s electricity generation capacity and the country’s non-fossil capacity, but those figures were presented as part of his remarks rather than as details of the fund.
Zoho co-founder Sridhar Vembu said national security was increasingly technology-driven and argued for indigenous alternatives to foreign platforms. IIT Madras Director V. Kamakoti highlighted the institution’s education, patent and startup programmes.
The announcement also cited IIT Madras figures including 560 startups, 472 patents and a collective startup valuation of ₹80,000 crore. Kamakoti separately said the institute had incubated 583 startups valued at about ₹83,000 crore.
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