- A Rs 600 crore deep tech fund has been launched, with an additional Rs 400 crore available through a greenshoe option.
- The fund is designed to back IP‑driven, engineering‑intensive startups in sectors such as Robotics, SpaceTech, DefenceTech, Semiconductors, and MedTech, all aligned with national strategic priorities.
- Initial investments will average between Rs 8–10 crore.
- The strategy aims to build a portfolio of 25+ companies through a dual‑stage investment model.
- A significant portion of the corpus will be directed toward startups emerging from the IIT Madras ecosystem, with the remainder allocated to India’s broader deep tech sector.
- The majority of investments will target early‑stage deep tech ventures that have achieved Technology Readiness Levels (TRL) 3–4.
- Structured as “patient capital,” the fund has a tenure of 10 years with a possible 2‑year extension.
Chennai | February 6, 2026: IIT Madras Research Park (IITMRP), India’s first university‑based research park and a leading force behind India’s deep tech transformation, has partnered with Unicorn India Ventures, one of India’s leading deep tech venture capital funds, to launch the Rs 600 crore “IITM Unicorn Frontier Fund I”, with an additional Rs 400 crore greenshoe option.
The fund will represent “patient capital” with a 10+2 year horizon, focusing on IP‑led, engineering‑heavy startups across Robotics, SpaceTech, DefenceTech, Semiconductors, MedTech, ClimateTech, EVs, and Quantum technologies.
Fund Strategy & Portfolio Construction
- Corpus: Rs 600 crore with Rs 400 crore greenshoe option.
- Average first cheque size: Rs 8–10 crore.
- Target portfolio: 25+ companies.
- Dual‑stage investment approach:
- Early‑stage deep tech startups (TRL 3–4): Identify high‑potential innovations and support initial commercialization.
- Early mid‑stage (TRL 5–7): Provide capital to accelerate development of concept‑proven technologies.
- Early late‑stage (TRL 7–9): Select investments in proven product technologies requiring scale‑up and market penetration.
- Portfolio allocation:
- 60% of corpus for initial portfolio construction.
- 40% reserved for follow‑on rounds to back winners through the “Valley of Death.”
- Source of companies: Majority from IITM’s ecosystem, balance from the wider Indian deep tech sector.
Institutional Strength
IIT Madras, ranked No. 1 for ten consecutive years in NIRF, leads India in intellectual property creation, averaging more than one patent per day. Its Research Park and Incubation Cell have nurtured cutting‑edge startups across multiple deep tech domains, bridging academia and industry through translational research and commercialization.
Dr. Kamakoti Veezhinathan, Director, IIT Madras, said: “Science and technology will play a crucial role in India’s journey towards Viksit Bharat 2047, focusing on technology sovereignty, AI, semiconductors, defence tech, and quantum technology. The need of the hour is to reduce reliance on imports and strengthen indigenous capabilities. This Fund is the next logical step for IIT Madras.”
Natarajan Malupillai, Group CEO, IITM Research Park, said: “India’s deep‑tech ecosystem is at a pivotal moment, driven by supportive policies, sustained R&D investments, and entrepreneurial aspiration. This fund will accelerate globally competitive startups while strengthening India’s culture of innovation and entrepreneurship. Partnering with Unicorn India Ventures advances India’s deep‑tech leadership, imagining, designing, and building in India for the world.”
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said: “It is an honour to be selected by IITM & IITMRP, which have been the backbone of deep tech innovation in India. With our proven understanding of deep tech, we have the resources and network to support early‑stage companies. India has the talent, capital, and patient investors like us and IITM to pool collective knowledge and industry connections to help the next generation of deep tech founders.”
Capital Mobilisation
Unicorn India Ventures, as Fund Manager, will:
- Mobilise capital beyond the primary corpus.
- Build a robust co‑investment engine to ensure portfolio companies are never capital starved.
- Raise funds from IITM alumni, family offices, UHNIs, and large Indian institutions.
About IIT Madras
Established in 1959, IIT Madras is one of India’s premier engineering and technology institutes, located in Chennai. Recognized internationally for excellence in engineering, science, and interdisciplinary research, it consistently ranks among the top institutions in India. The 630‑acre campus hosts 16 departments, numerous research centres, state‑of‑the‑art laboratories, and a vibrant student and faculty community. Beyond academics, IIT Madras fosters entrepreneurship, consultancy, industrial partnerships, and national development initiatives such as NPTEL.
About IIT Madras Research Park
IITMRP is India’s first university‑based research park, bridging academia and industry to accelerate deep tech innovation. Spread over 11 acres with 1.2 million sq. ft. of workspace, it hosts 250+ research‑driven companies, 15 Centres of Excellence, and 500+ startups. It provides advanced infrastructure and direct access to IIT Madras faculty and scholars for translating academic research into commercial technologies.
About Unicorn India Ventures
Founded in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology‑focused early‑stage venture fund with AUM of Rs 2000 crore across three funds. Its first fund launched in 2016 is among India’s best performing early‑stage funds, delivering stellar exits to LPs.
Portfolio winners include SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, FutureCure, Probus, Daalchini, Windo, Netrasami, Qubehealth, OrbitAID, Aurassure, PELocal, Kluisz, among others. With an engineering DNA, Unicorn India Ventures has backed deep tech companies for over a decade, supported by global investors including institutions, family offices, and UHNIs.
