IIT Madras and Unicorn India Ventures reach ₹450 crore first close for deep-tech fund

IIT Madras, the IIT Madras Research Park, and Unicorn India Ventures have announced the first close of the IITM Unicorn Frontier Fund I at ₹450 crore. The fund, which has a total target corpus of ₹1,000 crore, reached this milestone within three months of receiving approval from the Securities and Exchange Board of India (SEBI).

The fund aims to invest in IP-led, engineering-heavy deep tech startups, specifically targeting those with Technology Readiness Levels (TRL) 3–4. Strategic focus areas include defense technology, space technology, semiconductors, manufacturing technology, robotics, AI infrastructure, and health technology. The fund intends to build a portfolio of approximately 25 companies, with average investment sizes ranging between ₹15–25 crore.

To date, ₹55 crore has already been deployed into four startups: Quanstra, Hathor, Triolt Energy, and Carbelim. The final close of the fund is expected by December 2026.