Unicorn India Ventures, a venture fund, based out of Mumbai, has launched its second equity fund for ₹400 crore. The funds will be invested in Pre-Series A and Series A rounds across sectors such as SaaS, fintech, healthtech, robotics, gaming and digital content.
While, the company said that it will be raising capital for Fund II from institutional and large family offices in India and overseas and deploying it by the end of 2019. The fund is also expected to reach the first close of ₹150 crore by the end of 2019.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures said the company is using insights from matured economies to identify the right investment opportunities, such as the rise of neo-banking in the fintech space in the UK.
“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,” Majumdar added.
Unicorn India Ventures was started in 2015 by Anil Joshi and Bhaskar Majumdar. The company has invested in a variety of startups ranging from consumer internet to on demand to media tech.
Around late 2017, the fund actively started scouting for investment opportunities in more tech-heavy sectors such as AI, robotics, IoT, 3D cybersecurity and fintech. The fund’s average ticket size for the first fund investments varied between $250,000 to $2 million.
While, the company claims that its investment philosophy would be to enter at an early stage with an average investment size of ₹3-5 crore, and follow on with Series A and B rounds. The investment size could go up to ₹10-30 crore in the follow-on rounds, the firm said.
Some of the significant firms that fall under the similar domain includes True Ventures, IA Ventures, Spark, Javelin and others.