Unicorn India Ventures Expands Third Fund, Targets Deeptech Startups

As of August 25th, 2025, Unicorn India Ventures (UIV), an early-stage deeptech investor, is preparing to close its third fund, which is expected to reach a size of ₹1,200 crore. The firm had initially launched the fund with a target of ₹1,000 crore, but is now likely to exercise the greenshoe option to increase the fund's size.

UIV's third fund is a significant step up from its previous offerings, with Fund I at ₹100 crore and Fund II at ₹300 crore. The larger fund size has also enabled the firm to increase its investment cheque sizes, from ₹2.5 crore in the first fund to nearly ₹12.5 crore now.

According to Bhaskar Majumdar, the founder and managing partner at Unicorn India Ventures, the firm plans to invest the new fund in emerging technologies such as semiconductor design, drone technology, defense-oriented quantum computing, biotech and bioengineering, and space technology. The firm has already deployed between ₹180 crore and ₹200 crore from the new fund, with investments in 14 companies, including B2B manufacturing startup Venttup, underwater robotics company EyeROV, and dental and medical consumables company Piscium.

Majumdar believes that the deeptech sector has matured significantly, and the firm's position as a first institutional investor has not changed, but the companies it invests in are now in a more developed stage post-pandemic. The firm plans to reserve 50% of the new fund for high-performing startups in its portfolio, with the potential to provide them with $10-$15 million in their next round of funding.

Unicorn India Ventures has also expanded its investor base, with contributions from institutional investors, high-net-worth individuals, family offices, and even ex-entrepreneurs and CXOs from tech companies in the United States. This move was a conscious effort to enhance the firm's ability to add value to its portfolio companies.