Unicorn India sets Rs 400 Cr target for its Fund II

Many funds, right from early to growth stage focussed VCs have been raising new corpus. Besides top tier VC firms such as Sequoia Capital, Nexus, Lightspeed among others, several small size funds such as Artha Venture and Roots Ventures had successfully raised fresh funds.

Joining the league of aforementioned funds, Mumbai based Unicorn India Ventures is planning to raise Rs 400 crore worth second fund. According to a statement released by the VC firm, it will be raising Rs 150 crore this year while remaining Rs 250 crore is expected to get closed by 2020.

Unicorn India Ventures’ new fund is about 2.8X times its previous one which stood at Rs 140 crore. Continuing its thesis of backing early-stage companies, it will continue to make early-stage bets (pre-Series A and Series A stage) across B2B, SaaS, fintech, health tech, robotics, gaming, and digital content.

“The investment philosophy would be to enter at an early stage with an average investment size of Rs 3 – 5 crores and follow up to Series A and B by backing high potential startups. The ticket size has the potential to go up to Rs 10-30 crore in follow on rounds,” mentioned a company’s statement. 

The VC firm would be raising Fund II  from large family houses and institutions in India and abroad. So far, it has invested in 20 companies including VLCC VanityCube, Sequretek, Pharmarack, GrabonRent, Inntot, NeuroEquilibrium, SmartCoin, Open, Boxx.ai, Clootrack, and Inc42.

Apart from backing Indian startups, Unicorn India had entered the UK with a cross border fund for funding UK startups who are looking to enter India. It has already backed six growth-stage companies with UK-based early-stage VC AscensionVentures.