Mumbai-based Unicorn India Ventures (UIV) has officially closed its third fund at Rs 1,200 crore, oversubscribing its original target of Rs 1,000 crore. The fund signals a decisive shift in the Indian VC landscape, moving away from traditional SaaS applications to focus on the “picks and shovels” of the next industrial revolution: AI infrastructure, semiconductors, and spacetech.
Strategic Shift: Hard Tech & Infrastructure
While many investors remain focused on consumer-facing AI, UIV is betting on the foundational hardware and power required to run it. The firm’s investment strategy for Fund III includes AI infrastructure—such as data centers and power management—as well as semiconductors and spacetech. Notably, the firm is even exploring nuclear micro-power generation as a solution for AI’s massive energy demands.
Deployment and Portfolio Momentum
The fund intends to make 20 investments with an average ticket size of Rs 10 to 15 crore. UIV has already seen strong early traction, with seven to eight portfolio companies successfully securing substantial follow-on rounds. In the coming months, the firm plans to announce four new investments across quantum sensing, agritech, and spacetech. Across its three funds, the firm now manages a portfolio of nearly 50 companies with a total valuation of approximately $5 billion.
The Rise of the Academic Founder
A notable trend within Fund III is the emergence of deeptech startups led by researchers. Four to five companies in the current portfolio are headed by academicians, reflecting a growing bridge between university laboratories and commercial markets.
Backing and Leadership
Founded in 2015 by Bhaskar Majumdar and Anil Joshi, UIV has evolved into a powerhouse for technology-led startups. This latest fund is backed by a mix of high-net-worth individuals, family offices, and major institutions including SIDBI, SBI, and NABARD, along with the state governments of Kerala, Madhya Pradesh, and Odisha.
By doubling down on deeptech and sovereign-backed sectors, Unicorn India Ventures is positioning itself as a primary architect for India’s high-tech manufacturing and infrastructure future.
By: Sandhya Bharti
