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Unitus raises $8m for India seed fund

  • Alvina Yuen
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Unitus Seed Fund (USF) has raised more than $8 million for its seed-stage venture capital fund focused on start-ups serving India's low-income consumers.

Founder investors include Mike Murray, co-founder of Unitus Labs, Vinod Khosla of Khosla Ventures, 500 Startups and ex-Bain Capital executive Bob Gay. Aarin Capital Partners' chairman T.V. Mohandas Pai and Ranjan Pai, CEO of Manipal Education and Medical Group, also participated.

"We are delighted that leading investors share Unitus Seed Fund's conviction that serving low-income customers with free-market principles and business discipline can sustainably improve the lives of those living on under $4 a day and make good money at the same time," said Dave Richards, managing partner of USF. "Our investees will do this by bringing products, services and income-generating enterprises directly to their communities."

One of its first investments was made in Hippocampus Learning Centers, which provides pre-school and primary education coaching in rural India. The company recently raised another INR70 million ($1.29 million) from Lok Capital and Acumen Fund as part of a Series A round of funding for an undisclosed equity stake.

USF made four investments in 2012. The fund is expected to complete another 10 deals in 2013, and 10-12 per year going forward.

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