Unicorn India Ventures reaches first close on second fund

LPs in the fund include family offices and high net worth individuals. The GP was previously hoping to secure INR1.5 billion for the first close. It has set an overall target of INR4 billion for the fund. Unicorn raised INR1 billion for its debut VC fund in 2015. The firm is led by Anil Joshi, a former president of a local angel investor network, and Bhaskar Majumdar, previously a media executive.

Unicorn participates primarily in pre-Series A rounds for technology start-ups in the consumer, B2B, software-as-a-service, internet-of-things and electronic design, systems and manufacturing (ESDM) spaces. It has invested in 17 companies to date. According to Joshi, the full corpus of the first fund is close to being deployed. 

"With Fund II, we hope to continue to identify high potential start-ups that are solving real problems by leveraging tech. In the tough economic and environmental times ahead, we believe technology will play a very important role in re-shaping the way we interface with others, the way businesses and trade is conducted and the way entire societies function,” Majumdar told The Economic Times. 

Unicorn has also raised a debt fund and co-manages Unicorn Ascension Fund, a partnership between the GP and UK-based Ascension Ventures that seeks to support cross-border growth for technology companies headquartered in the UK. 

The new fund has invested in SaScan, a start-up developing medical devices that offer non-invasive methods to diagnose oral and cervical cancer. Other recent investments include consumer lending start-up SmartCoin, healthcare goods ordering platform Pharmarack, and smart lock manufacturer OpenApp. 

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• Topics
• South Asia
• Fundraising
• Venture
• Technology
• India
• Unicorn India Ventures