Mumbai-based venture Fund Unicorn India Ventures has announced the launch of its 2nd equity fund aimed at investing in early stage startups. The Fund size is Rs 400 crore and first close is expected at Rs 150 crore by the year-end. The Fund II will look to invest in Pre Series A and Series A in sectors like B2B, SaaS, fintech, health tech, robotics, gaming and digital content.
Anil Joshi, Managing Partner, Unicorn India Ventures, says, “We launched our first fund in 2015 and since then invested in a variety of startups ranging from consumer internet to on demand to media tech. Around late 2017, we actively started scouting for investment opportunities in more tech heavy sectors like AI, Robotics, IOT, 3D cyber security and fintech. Today, our portfolio from the first fund is one of the best performing in the industry and we hope to continue our track record with the launch of the 2nd fund.”
The investment philosophy would be to enter at an early stage with an average investment size of Rs 3 – 5 crore and follow up to Series A and B by backing high potential startups. The investment size has the potential to go up to Rs 10-30 crore in follow on rounds.
This is Unicorn Ventures 3rd fund globally as Unicorn India last year also announced a UK -India cross border fund in partnership with UK-based early stage VC AscensionVentures, which has invested in six growth stage companies in the UK so far.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures says, “Having a cross border fund helped us in getting insights from the matured economies eg the rise of neo banking in the fintech space in the UK, a global market leader in fintech. That is how when Open Bank came to us, we were aware of the emerging business model and were ready to invest. This gives us a boost and a belief that we have a knack to spot a potential winner in the early days. These factors compounded with the fact that we think like entrepreneurs and stay aligned to their macro vision have resulted in success of our first fund.”
From the first Fund, some of clear winners are already emerging – Open Bank, SmartCoin, Sequretek, Pharmarack, NeuroEquilibrium. At the same time, the Fund also backed some business ideas in their nascent stage like Genrobotics, a robotic machine to eliminate manual scavenging and Openapp, an AI based smart locking solutions.
Unicorn India Ventures will be raising capital for Fund II from institutional and large family offices in India and overseas and start deploying it by end 2019.
Unicorn India Ventures is a Mumbai-based fund house started in 2015 by Anil Joshi and BhaskarMajumdar. The Fund House has also launched a UK India cross border fund for funding UK startups looking to enter India and have invested in 6 UK startups so far. From its first fund, UIV has invested in 18 companies like VLCC VanityCube, Inc42, Sequretek, Pharmarack, GrabonRent, Inntot, Genrobotic, SectorQube, Perfit, NeuroEquilibrium, SmartCoin, Open Bank, Boxx.ai, Clootrack and Openapp.