India’s IIT Madras and Unicorn India secure ₹450 cr first close for ₹1,000 cr deep-tech fund

IIT Madras, its Research Park, and Unicorn India Ventures reported a ₹450 crore first close of the ₹1,000 crore IITM Unicorn Frontier Fund-I, following SEBI approval three months earlier and announced before Finance Minister Nirmala Sitharaman. The fund has already allocated about ₹55 crore to four deep-tech startups: Hathor (space-tech engines), Quanstra (quantum instrumentation), Triolt Energy (drone-grade lithium-ion batteries) and Carbelim (bio-integrated carbon capture).

It will focus on six sectors where India has a "right to win," including defence, space, semiconductors, manufacturing, AI infrastructure and health technology, with each investment screened for export potential and sovereign advantage. Leaders from IIT Madras and Unicorn India highlighted the ecosystem’s growth and the need for patient capital to scale IP-led companies. The fund seeks a final close by the end of the year, plans to build a portfolio of 25 companies, and will mobilise co-investment to provide follow-on funding.