Unicorn India to close $15m maiden fund by March-April

Anil Joshi, managing partner, Unicorn India Ventures

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).

Also Read:

Exclusive: Trifecta Capital targets final close of $73.5m fund, to invest $11m by April

India: Stellaris Venture Partners raises $50m for tech-focused fund

India: Lodha Group floats maiden investment fund for realty start-ups

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.