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Deeptech Fund Hits First Close in 3 Months
27 Sep
Summary
- IIT Madras fund achieved first close within three months of approval.
- The fund has already deployed Rs 55 crore across four deeptech startups.
- The target corpus for the fund is Rs 1,000 crore, including a greenshoe option.
The IITM Unicorn Frontier Fund-I has reached its first close in an impressive three-month period following its approval by the Securities and Exchange Board of India (Sebi).
Launched by a collaboration between IIT Madras, IIT Madras Research Park, and Unicorn India Ventures, the fund has already garnered Rs 450 crore. This initial capital has been strategically deployed, with nearly Rs 55 crore invested across four promising deeptech startups.
The fund aims for a total corpus of Rs 1,000 crore, which includes a Rs 400 crore greenshoe option. This significant backing is expected to fuel further investment in cutting-edge technology companies.
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