Unicorn India Ventures, a Mumbai-based early stage technology-focused venture fund, is expecting to close its maiden fund Unicorn Venture Fund – I with a corpus of Rs 100 crore ($15 million) by March-April 2016, a top executive told DEALSTREETASIA.
According to VC firm’s managing partner Anil Joshi, it has received commitments for the remaining amount of Rs 60 crore and is working on closing the documents.
We have a mixed of both institutional and retail investors including SIDBI, LIC, corporates, family offices and HNIs. The fund which was supposed to close by end 2016, took slightly longer because of demonitisation and year end, Joshi said.
Unicorn India had achieved the first close of the fund last January at Rs 40 crore. It has deployed all the money raised in first round and backed companies like VanityCube, an on-demand beauty services provider; Inc42, a media company; Pharmarack, a B2B SaaS tech platform; diagnostics systems developer NeuroEquilibrium and GrabonRent, a rental platform for both consumers and corporates. Some of its portfolio companies have already raised further rounds in which Unicorn India also participated.
Founded in 2015 by Joshi and Bhaskar Majumdar, Unicorn India plans to invest in IoT and fintech startups. Joshi was former president of Mumbai Angels and Majumdar had invested in six companies before co-founding the VC firm.
From the fund, the company has made around eight investments so far and is looking to double this. Apart from the funding, the VC firm provides mentorship and interact with entrepreneurs on a regular basis.
Talking about the investments scenario in 2017, Joshi said, “In my personal view, 2017 would be a good year again for startups, seed stage and early stage investments because lots of new funds are coming up. For the late stage investments, I don’t think, we would see more investments as we saw in 2014-15. However, I think, it would be better than 2016.”
In the VC space, 2017 started with a slew of funds announcements. Last month, real estate developer Lodha Group launched its maiden investment fund for startups focussing on smart city solutions and the overall realty sector, Singapore-based InseadAlum Ventures launched a $700,000 (SGD1 million) fund to invest globally in startups founded by Insead alumni, while Trifecta Capital is closing its $73.5 million, and ex-Mutiples PE’s executive Dinesh Tiwari is also preparing to float his maiden fund, among others.
Most recently, Stellaris Venture Partners, an early-stage venture capital firm, hit the first close of its maiden fund at $50 million (Rs 337 crore).