Unicorn India Ventures announces first close of Fund III at Rs 225 crore

Unicorn India Ventures (UIV), a Mumbai-based early-stage fund, has announced the first close of its Rs 1,000 crore third fund at Rs 225 crore. Its final close is expected by March 2024.

With Fund III, UIV aims to build a portfolio of 25 startups that are focused on global SaaS and digital platforms, areas of expertise for Unicorn India. It will focus on investments in emerging sectors like climate tech, agritech, spacetech, and the semiconductor ecosystem.

The average cheque size for its investments will be $1-2 million, after which the fund will invest in follow-on rounds. As part of their investment thesis, UIV claims to invest only 20 per cent of its investible corpus to create the portfolio, and the rest to back the winners of the portfolio.