Unicorn India Ventures raises Rs 1,200 Cr in final close of Fund III

The fund had a target corpus of Rs 1,000 crore and a greenshoe option of Rs 200 crore, and had announced its first close at Rs 225 crore. Since then, the firm has doubled down on investing in deeptech firms, and has funded 14 such companies.

Some of its portfolio companies include precision dental products firm Piscium, semiconductor company Netrasemi, and AI-powered voice solution Vodex.

Unicorn India Ventures will also announce four more investments in sectors like quantum sensing, agritech, and spacetech, it said.

Over the next two quarters, it hopes to invest in 20 startups focused mostly on deeptech, including in sub-sectors such as semiconductors, spacetech, and medical diagnosis, besides Software-as-a-Service startups and Indian digital platforms.

UIV noted that its limited partners include HNIs, UHNIs, family offices, and institutions, as well as it raised funds for the first time from global LPs. Around 33% of its LP participation was from the US, and most of them are entering India for the first time, the firm noted.

Some of the marquee LPs include SIDBI, SBI, Nabard, and the state governments of Kerala, Madhya Pradesh, and Odisha.

Across the three funds, UIV has built a portfolio of about 50 companies, with its total portfolio valuation at $5 billion.

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Past fund performances

UIV’s first fund, launched in 2016, has a distributions-to-paid-in capital (DPI) of over 3X. DPI is a key venture capital metric that measures the cash-on-cash return paid to limited partners against the total capital they contributed.

It is also looking to return another 3X of the fund from existing assets left in the fund vehicle.

The company’s second fund, launched in 2021, consists of 3-4 outlier companies that can return the entire fund, it noted.