CHENNAI: The Indian Institute of Technology Madras Research Park (IITMRP) has launched a Rs 600 crore deep-tech-focused venture capital fund aimed at supporting startups working in strategically critical technology domains. The fund, titled IIT Madras Unicorn Frontier Fund I, has appointed Unicorn India Ventures as its fund manager and includes a Rs 400-crore greenshoe option.
The fund is designed to back IP-led and engineering-intensive startups in frontier areas aligned with India’s long-term national priorities, including defence technologies, semiconductors, quantum computing, climate tech, robotics and space technologies. It will deploy capital through cheque sizes ranging from Rs 5 crore to Rs 10 crore and is expected to invest in around 25 to 30 startups.
According to IITMRP officials, the fund will follow a patient capital model with a 10+2-year structure. About 60% of the investable corpus will be deployed to build the initial portfolio, while the remaining 40% will be reserved for follow-on funding rounds to support scaling startups.
