Powering Deep Ideas Unicorn India Ventures: Two funds deployed; Fund III raising INR 1,000 crore, INR 800 crore secured.
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Founded in 2015, Unicorn India Ventures (UIV) began with a clear vision: to support technology-led innovation reshaping India's evolving digital landscape. "Our core investment thesis is rooted in backing uniquely innovative tech startups," said Bhaskar Majumdar, Managing Partner at UIV. "India's tech transformation has driven the emergence of entirely new sectors over the last few years, and we want to be at the forefront of that change."
With two funds already deployed and Fund III currently being raised at a target of INR 1,000 crore, the firm has already secured INR 800 crore. Fund III is its largest yet, with a strong focus on deep tech—an area UIV committed to long before it became widely recognised. "We believe in entering spaces where others are hesitant," Majumdar noted. "Startups in sectors like robotics, semiconductors, hardware, diagnostics, and deep tech are our key targets, with 12 investments already made from this fund, including standout names like Netrasami, Qubehealth, OrbitAID, Aurassure, EyeROV, BonV, and others."
UIV tends to enter as the first institutional investor, seeking early-stage startups with some revenue traction and a clear path to profitability. The fund stays clear of consumer internet or D2C ventures. "We back companies that are solving critical problems using technology, especially those operating in analog industries that have historically lacked innovation," Majumdar explained.
Importantly, location does not influence UIV's decision-making. "Whether a company is from Kochi or Mumbai, our evaluation process remains rigorous and consistent," he said. UIV looks closely at a founder's ability to endure challenging macroeconomic cycles, alongside strong unit economics and market fit. The fund's portfolio includes companies from tier II and tier III cities: evidence of its commitment to spotting talent beyond metros.
Commenting on the company he is especially proud of, Majumdar highlighted, "We are proud of all our companies. One such example is OrbitAID, a pioneering in-flight refueling company. It is the only one of its kind in India and just the second globally. The audacity of the founder truly stood out."
Beyond capital, UIV offers strategic support, helping startups hire key talent, connect with clients, and raise follow-on rounds. "We have an operator's mindset. If a company falters, we roll up our sleeves and help them get back on track," he added.
Looking ahead, Majumdar believes the next wave of Indian venture capital lies in deep tech. "India is not just a land of software talent but of cost-effective, high-impact innovation," he said. With over 50 startups backed and 16 exits so far, UIV has its radar set on sectors like space, data centers, semiconductors, and tech-led healthcare solutions for the next five years.
Facts:
Fund Size:
- Fund I: INR 100 Cr
- Fund II: INR 300 Cr
- Fund III: INR 1000 Cr
Current Portfolio: 50+
Exits:
- Partial Exits: 4
- Full Exits: 12
