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IIT Madras and Unicorn India achieve first deep technology fund close of ₹450 crore
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Business Standard
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IIT Madras and Unicorn India achieve first deep technology fund close of ₹450 crore

IIT Madras, IIT Madras Research Park, and Unicorn India Ventures announced the achievement of the first funding stage for their deep technology fund, raising ₹450 crore out of a total target of ₹1000 crore. This initial phase was reached three months after receiving approval from the Securities and Exchange Board of India (Sebi), with the final fund closure expected by December 2026.

The announcement was made in the presence of Finance Minister Nirmala Sitharaman. Kamakoti Vignatanandan, Director of IIT Madras, noted that the institute has created an ecosystem that has fostered the growth of several deep technology companies demonstrating stable Technology Readiness Level (TRL) progression.

According to Vignatanandan, through this joint fund with leading deep technology investors like Unicorn India, these companies will gain not only access to long-term capital but also strategic guidance for growth. He added that achieving the first stage in a record three months is a significant success, and they are confident that the fund will provide India with some of its best deep technology startups.

The fund also reported allocating nearly ₹55 crore to support four deep technology startups. These include: Hathor, a Chennai-based startup developing specialized semi-cryogenic and cryogenic rocket engines for small and medium satellite launch companies; Quanstra from Delhi, which focuses on single-photon detection systems and advanced quantum equipment; Triolt Energy, creating high-performance lithium-ion battery cells optimized for drones and fast EV charging; and Carbelim, which develops carbon capture and air purification systems using patented microalgae technology.

The fund will concentrate its efforts on six areas where India holds a structural global advantage. These areas include defense technologies with an emphasis on import substitution, and space technologies, including space-standard compliant hardware at one-tenth the global cost. Another priority is semiconductors, particularly fabless design and intellectual property ownership.

Furthermore, the fund will invest in manufacturing technologies, robotics, and automation, as well as in Artificial Intelligence (AI) infrastructure and generative AI, with a special focus on sovereign enterprise AI. The sixth area is medical technology, aimed at providing healthcare to the least privileged segments of the population. Before capital allocation, each investment will be vetted for potential global export, strategic import substitution, and technological sovereignty advantage.

Bhaskar Majumdar, Managing Partner of Unicorn India Ventures, stated that India is entering a defining decade for deep technology startups, transitioning from the promise stage to scaling. He expressed honor in partnering with IITM and IIT Madras Research Park, which are cornerstones of deep technology innovation in India. Majumdar emphasized that through this partnership, they aim to provide early founders with the capital and strategic support necessary to build globally competitive Indian companies.

Natarajan Maluppillai, CEO of IIT Madras Research Park Incubation Cell and RTBI, noted that India possesses the scientific and engineering talent to create world-class technologies. He highlighted that IIT Madras Research Park and Incubation Cell are pioneers in translational research and innovation for large corporations and nurturers of deep technology startups. Maluppillai stated that the IITM Unicorn Frontier Fund-I will bring long-term capital into the IIT Madras innovation ecosystem, helping to scale IP-based and globally competitive companies.

Following the achievement of the first stage, the fund will continue to invest in IP-focused and heavy engineering startups, aiming to build a portfolio of 25 companies. The fund is supported by prominent IIT Madras alumni and renowned family offices, with final closure planned by the end of the current year, anticipating the addition of institutional investors and banks. Unicorn India Ventures, acting as the fund manager, will also leverage its ability to mobilize capital beyond the core fund size to create a co-investment mechanism, ensuring portfolio companies access to subsequent capital.

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Indian-origin founders account for $560 billion valuation of startups abroad
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Indian-origin founders account for $560 billion valuation of startups abroad

According to the new Indian Diaspora Index, prepared by Prosus and Dealroom, founders who grew up in India are responsible for $560 billion in the valuation of companies that are current or former unicorns outside of India.

It is important to note that according to the index methodology, this amount is an estimate and is not based on the actual share ownership of individual founders.

To calculate the valuation, the index took the total value of each company, divided it equally among all founders, and then calculated the share belonging to qualified founders of Indian origin, regardless of their actual ownership stake.

In contrast, the report indicates that 102 unicorns based in India account for approximately $349 billion based on the founder's share criterion. Among them, Flipkart ($36 billion), Zomato ($30 billion), and Groww ($16 billion) lead.

The index demonstrated that 70 unicorns valued at $243 billion were created by entirely Indian founders, such as Jay Chaudhry (Zscaler), Arvind Jain, Arvind Nithrakashyap, Bipul Sinha, and Soham Mazumdar (Rubrik), Ajeet Singh, Dheeraj Pandey, and Mohit Aron (Nutanix), as well as Deepak Pathak and Abhinav Gupta (Skild).

Another 135 unicorns whose core team has Indian origins, including Palo Alto, Bloom Energy, Astera Labs, and Perplexity, contributed $317 billion under this founder's share metric.

Saurav Jain, Senior Investor at Prosus India, stated that Indian founders possess the ability to transform technological advancements, ingenuity, and deep local understanding into businesses capable of radically changing people's lives and work.

He added that the Indian Diaspora Index reflects what he has personally seen and experienced in India: an exceptional density of talent with ambitions to build on a massive scale, often solving the country's most complex and significant problems. This is what motivated them to invest in the country for nearly two decades.

The report also reported that a separate, broader analysis by birthplace shows that 62 percent of these companies are located in the United States, making this ecosystem dominant for Indian-origin founders creating high-value companies.

Overall, out of 323 companies in this broader group, 200 were either founded (178) or relocated (22) to the United States. This birthplace analysis includes founders who left India in childhood and companies based in India. It differs from the narrower foreign index of founders who grew up in India.

Asiana Fund and JC Capital launch INR 1000 crore fund for advanced manufacturing
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business-standard.com

Asiana Fund and JC Capital launch INR 1000 crore fund for advanced manufacturing

Asiana Fund, the investment platform of Dani Family Office, and Taiwanese venture firm JC Capital have announced the creation of a fund totaling INR 1000 crore. This fund is designed to support growth-stage companies in India operating in the fields of advanced manufacturing, semiconductors, materials, and defense industry.

A joint statement from the two firms specified that the Asiana-JCC Advanced Manufacturing & Innovation Fund includes a principal capital of INR 600 crore and a greenfield option of INR 400 crore. The fund intends to invest in intellectual property-based companies across advanced manufacturing and robotics, semiconductors and computing, materials and sustainable development, as well as aerospace and defense sectors.

The plan is to attract between 12 and 15 growth-stage companies, primarily at Series A and Series B stages, with provisions made for subsequent investments.

Asiana Fund, established in 2017 by Jalaj Dasani, is an investment platform focused on India and supported by the Dasani family, who are co-founders of Asian Paints. This platform has already directed over INR 700 crore into 11 private equity deals.

JC Capital, founded by Jim Chen in 2019, has invested over INR 1000 crore in 30 companies involved in semiconductors, artificial intelligence, and clean technologies.

Jalaj Dasani stated that India has reached a point where it can not only produce but also develop products, create its own intellectual property, and form companies capable of competing in global markets. He emphasized that the partnership with JC Capital aims to bring Taiwan's deep technological knowledge in semiconductors and electronics to Indian companies, helping them enter global markets and working with entrepreneurs to build strong technology enterprises from India.

In addition to providing capital, the fund will facilitate technology and know-how transfer, connect companies with global supply chains and strategic partners, and advise founders on strategy, management, production scaling, and international expansion.

The partnership will also leverage JC Capital's network of corporate investors and partners in the US, Japan, Taiwan, and Malaysia. Over 80 percent of these investors are corporate limited partners, which will provide portfolio companies access to technological partners, supply chains, and international markets.

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