Bengaluru | 26 September 2026: IIT Madras (IITM), IIT Madras Research Park (IITMRP) – India’s first university‑based research park and Unicorn India Ventures (UIV), India’s leading deep tech venture capital firm, today announced the first close of the ₹1000 crore IITM Unicorn Frontier Fund I at ₹450 crore, achieved in a record time of three months following SEBI approval.
The announcement was made in the presence of Hon’ble Finance Minister Nirmala Sitharaman, underscoring the growing recognition of deep tech innovation as a critical driver of India’s next phase of economic growth and technological sovereignty.
The final close of the fund is expected by December 2026.
Key Highlights:
- The first close of ₹450 crore was achieved in just three months, marking one of the fastest fund‑raising milestones in India’s deep tech ecosystem.
- The fund has already deployed ₹55 crore into four pioneering startups: Quanstra, Hathor Rocket, Triolt Energy, and Carbelim.
- Originally announced in February 2026, the IITM Unicorn Frontier Fund I carries a total corpus of ₹1000 crore, including a ₹400 crore greenshoe option.
- The final close is targeted for December 2026, with additional institutional investors, corporates, and banks expected to join.
- With the first close complete, the fund will continue investing in IP‑led, engineering‑heavy deep tech startups, aiming to build a portfolio of 25 companies.
- The majority of investments will focus on early‑stage deep tech ventures that have reached Technology Readiness Levels (TRL) 3–4.
- The average cheque size per investment will range between ₹15–25 crore per startup, ensuring right‑sized capital for scale.
- The fund is backed by leading IIT Madras alumni, prominent family offices, and a growing base of institutions, corporates, and banks.
Initial Investments
The fund has already deployed ₹55 crore into four pioneering deep tech startups:
- Hathor (Chennai): Building semi‑cryogenic and cryogenic rocket engines for small and medium satellite launch vehicles.
- Quanstra (Delhi): Developing single‑photon detection systems and advanced quantum instrumentation for research and industrial quantum applications.
- Triolt Energy: Creating high‑performance lithium‑ion battery cells optimised for drones and fast‑charging electric mobility.
- Carbelim: Innovating bio‑integrated carbon capture and air purification systems using proprietary microalgae technology.
Strategic Focus
The IITM Unicorn Frontier Fund I will invest in six high‑conviction verticals where India holds a structural global advantage:
- Defence Technology (import substitution).
- Space Technology (space‑qualified hardware at 1/10th global cost).
- Semiconductors (fabless design and IP ownership).
- Manufacturing Technology, Robotics & Automation.
- AI Infrastructure / GenAI (sovereign enterprise AI).
- Health Tech (affordable healthcare for the bottom of the pyramid).
Every investment will be screened for global export potential, strategic import substitution, and sovereign technological advantage.
Prof. Kamakoti Veezhinathan, Director, IIT Madras: “At IIT Madras, we have nurtured several deep tech companies that consistently demonstrate TRL growth. With Unicorn India Ventures as our partner, we are confident these ventures will gain patient capital and strategic guidance. Achieving the first close in just three months is a remarkable feat, and we look forward to building a high‑potential portfolio that will deliver globally competitive deep tech startups from India.”
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures: “India is entering a defining decade for deep tech startups, moving from promise to scale. Partnering with IIT Madras and IITMRP, the backbone of India’s deep tech innovation, allows us to provide early founders with capital and strategic support. With ₹450 crore raised and four investments already made, we aim to build a portfolio of ventures that create significant technological and economic value.”
Natarajan Malupillai, Group CEO, IITM Research Park, Incubation Cell & RTBI: “India has the talent to build world‑class technologies. IITMRP has pioneered translational research and nurtured deep tech startups. The IITM Unicorn Frontier Fund I brings patient, long‑term capital into our ecosystem, helping scale IP‑led companies and strengthening India’s technology capabilities for global leadership.”
With the first close of ₹450 crore now achieved, the IITM Unicorn Frontier Fund I will continue to invest in IP‑led, deep tech, engineering‑heavy startups, with the ambition to build a portfolio of 25 high‑potential ventures. The majority of these investments will be directed towards early‑stage deep tech companies that have reached Technology Readiness Levels (TRL) 3-4, ensuring support at the critical stage of scaling from research to commercialisation.
The fund is being backed by leading alumni of IIT Madras, alongside prominent family offices, institutions, corporates, and banks, reflecting strong confidence in India’s deep tech ecosystem. The final close is targeted by December 2026, with additional institutional investors and banking partners expected to participate.
As the fund manager, Unicorn India Ventures will leverage its proven ability to mobilise capital beyond the primary corpus, building a robust co‑investment engine. This ensures that portfolio companies are never capital‑starved, gaining access not only to patient capital but also to strategic growth guidance and global networks.
About IIT Madras
The Indian Institute of Technology Madras (IITM), established in 1959 by the Government of India, is recognised as an Institute of National Importance. IIT Madras is one of India’s premier centres of excellence in science, engineering, and technology education, research, and innovation.
The Institute’s activities span 18 academic departments and several advanced interdisciplinary research centres, offering a wide range of undergraduate and postgraduate programmes leading to B.Tech., M.Sc., M.B.A., M.Tech., M.S., and Ph.D. degrees across multiple specialisations.
IIT Madras is a residential institute with more than 650 faculty members and 10,000 students, including international students from 18 countries. The Institute fosters an active entrepreneurial culture, supported by strong curricular frameworks and the IITM Incubation Cell, which has nurtured numerous successful startups.
Recognised as an Institution of Eminence (IoE) in 2019, IIT Madras has consistently ranked No.1 in the ‘Overall’ Category for seven consecutive years (2019–2025) in the National Institutional Ranking Framework (NIRF) released by the Ministry of Education, Government of India. It has also been ranked No.1 in the ‘Engineering Institutions’ category for 10 consecutive years (2016–2025).
In 2023, IIT Madras became the first IIT to establish an international campus, launching IIT Madras Zanzibar in Tanzania, further strengthening its global footprint.
🌐 Follow IIT Madras on: X, Facebook, LinkedIn, YouTube
About IIT Madras Research Park (IITMRP)
The IIT Madras Research Park (IITMRP), promoted by IIT Madras, is India’s first university‑based research park, established to bridge the gap between academia and industry and accelerate deep‑tech innovation.
Spread across more than 11 acres with over 1.2 million square feet of workspace, IITMRP hosts 250+ research‑driven companies, global corporations, and 15 centres of excellence, while serving as home to 500+ startups working across diverse sectors and technologies.
The Research Park fosters collaboration by providing advanced infrastructure, laboratories, and direct access to world‑class faculty and research scholars from IIT Madras, enabling the translation of academic research into commercial technologies and products.
🌐 Know more: https://respark.iitm.ac.in/
📑 View the latest Annual Report: https://respark.iitm.ac.in/view-report.html
About Unicorn India Ventures
Unicorn India Ventures (UIV), founded in 2016 by Bhaskar Majumdar and Anil Joshi, is a deep tech‑focused early‑stage venture capital fund that invests in emerging and visionary startups across India.
- Fund I (₹100 crore): Launched in 2016, invested in 17 companies including SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, and FutureCure. The fund has delivered stellar exits to its LPs, establishing UIV as one of India’s best‑performing early‑stage funds.
- Fund II (₹300 crore): Launched in 2020, invested in 20 companies such as Gamerji, Probus, Daalchini, Windo, and Finsall. Most of these portfolio companies are scaling rapidly and have seen multiple uprounds.
- Fund III (₹1200 crore): Closed above its target of ₹1000 crore, building a portfolio of 20 startups focused on semiconductors, space tech, medical diagnostics, AI infrastructure, and India digital platforms. Notable companies include Netrasemi, Kluisz, OrbitAID, TakeMe2Space, Aurassure, EyeROV, and QubeHealth.
Recently, IIT Madras, IIT Madras Research Park (IITMRP), and Unicorn India Ventures jointly launched the ₹1000 crore IITM Unicorn Frontier Fund I, aimed at IP‑led, engineering‑heavy deep tech startups. The fund has already achieved a ₹450 crore first close in record time and deployed ₹55 crore across four deep tech ventures.
With an engineering DNA and over a decade of experience backing deep tech companies, UIV has built a reputation for mobilising capital, nurturing innovation, and supporting globally competitive ventures. The fund’s investors include institutions, family offices, and UHNIs across the globe, reflecting its global viewpoint while sourcing companies throughout India.
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