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IIT Madras and Unicorn India Ventures have successfully closed their first round of funding at ₹450 crore, aiming to bolster India's deeptech startup ecosystem. This initiative marks a significant step in fostering innovation and entrepreneurship in the technology sector.
IIT Madras has unveiled an ambitious long-term startup roadmap, aiming to nurture about 1,000 startups by 2032 and see at least one of them go public every month, Director Prof. V. Kamakoti said. The institute said it has already incubated 583 startups with a combined valuation of Rs 83,000 crore, underscoring its growing role as one of India's most influential deep-tech and entrepreneurship hubs.
The IITM Unicorn Frontier Fund I has reached a Rs 450 crore first close and has already deployed nearly Rs 55 crore into four deep-tech startups spanning space, quantum, batteries and carbon capture. Backed by IIT Madras, IIT Madras Research Park and Unicorn India Ventures, the fund is part of a larger Rs 1,000 crore vehicle designed to bridge the gap between laboratory innovation and commercial scale.
India's finance minister Nirmala Sitharaman has called for a major push into artificial intelligence, semiconductors and quantum technology, arguing that the country must invest more aggressively in hardware, skills and institutions to stay competitive. Speaking in Bengaluru, she also pushed back against foreign perceptions that India has "missed the AI bus," saying much of the country's innovation remains underrepresented in public markets despite a growing startup base.
IIT Madras, IIT Madras Research Park and Unicorn India Ventures have announced the first close of their deeptech-focused IITM Unicorn Frontier Fund I at Rs 450 crore, setting up one of India's most targeted early-stage technology vehicles. The fund has already deployed nearly Rs 55 crore across four startups and aims to back 25 companies in sectors ranging from defence tech and spacetech to semiconductors, robotics and healthtech.
Union Finance Minister Nirmala Sitharaman said India is capable of achieving economic growth of more than 10 per cent, arguing that faster adoption of technology and innovation could lift productivity across agriculture, startups and industry. Speaking in Bengaluru, she said the country must overcome cynicism and accelerate its march toward Atmanirbhar Bharat and Viksit Bharat.
The IIT Madras-led Unicorn Frontier Fund has reached a Rs 450 crore first close, marking a major early milestone for its Rs 1,000 crore deep-tech investment vehicle. Backed by alumni, family offices, institutions, corporates and banks, the fund has already deployed capital into four startups working on rocket engines, air-quality technology, quantum instrumentation and energy storage.
IIT Madras, its Research Park and Unicorn India Ventures have announced a first close of Rs 450 crore for a Rs 1,000 crore fund aimed at advanced technology startups, with the final close expected by December 2026. The fund has already deployed nearly Rs 55 crore across four deep-tech startups as it sharpens its focus on sectors seen as strategically important to India's industrial and national security ambitions.
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