Venture Catalysts on Thursday said it has set up a Rs 300 crore fund that will work with early-stage start-ups across verticals like electric mobility, fin-tech, retail and FMCG.
The 9Unicorns Fund will identify high-potential early-stage businesses across various sectors such as electric vehicles, mobility, augmented reality VR, AI and ML, fintech, retail and FMCG startups, a statement said.
The fund has been envisaged to be a one-stop mentoring, networking and growth facilitation platform for emerging businesses to help the startups grow to their full potential, it added.
“9Unicorns Fund has a dedicated fund allocation of Rs 300 crore offered by Venture Catalysts. Out of the funds, the accelerator VC plans to invest in over 100 companies every year, promising a standard deal of Rs 60 lakh for 5 per cent equity along with a further scope to invest Rs 3-5 crore more during subsequent funding rounds,” it said.
The funded start-ups will benefit from ready access to business angels and Venture Catalysts’ corporate community of over 4,500 members.
“9Unicorns Fund will revive idea stage funding in India… (We aim to) identify budding businesses with terrific possibilities and ensure them every kind of assistance to ensure their success,” Apoorv Ranjan Sharma, co-founder and managing director of 9Unicorns, said. PTI SR