The fund is looking to invest in IP-led, engineering heavy deep-tech startups, with the majority of the portfolio expected to comprise early-stage companies that have reached TRL 3–4.
| Photo Credit: B. VELANKANNI RAJ
Indian Institute of Technology Madras, IIT Madras Research Park (IITMRP) and venture capital firm Unicorn India Ventures have achieved the first close of their ₹1,000 crore deep-tech Unicorn Frontier Fund at ₹450 crore.
The ₹450-crore first close is backed by a mix of leading IIT-Madras alumni including Kris Gopalakrishnan (co-founder of Infosys and chairperson, Axilor Ventures) and prominent family offices, along with institutions, corporates and banks. “We have now achieved the first close of ₹450 crore, within three months of receiving SEBI approval. The final close is expected by December 2026,” said the spokesperson of IITMRP.
Around four startups have already been funded through this fund. Chennai based Hathor, which is developing semi cryogenic and cryogenic rocket engines for small and medium satellite launch vehicles is one of them.
Carbelim is another firm that has got funding. Carbelim’s vision is to redefine air quality in our cities through nature-based decarbonization technology. We strive to create a world where buildings and infrastructure double as living, breathing carbon sinks — actively purifying air and fighting climate change. The other two firms include Quanstra, which is developing single photon detection systems and quantum instrumentation and Triolt Energy, which is developing next generation lithium and lithium energy storage solutions.
The fund is looking to invest in IP-led, engineering heavy deep-tech startups, with the majority of the portfolio expected to comprise early-stage companies that have reached Technology Readiness Level (TRL) 3–4.
The fund aims to build a portfolio of around 25 startups, with an average cheque size of ₹15–25 crore per startup. The fund will focus on six high-conviction areas where India has the potential to build globally competitive capabilities including Defence Technology (with focus on import substitution); Space Technology (including space qualified hardware); Semiconductors (with an emphasis on fabless design and IP ownership); Manufacturing Technology, Robotics & Automation; AI Infrastructure / GenAI (including sovereign enterprise AI) and Health Tech (including solutions aimed at expanding healthcare access).
V. Kamakoti, Director, IIT-Madras said: “This VC Fund is a humble attempt by IIT-Madras and Unicorn India to support promising startups cross their respective valleys of hope and rise up to become a Unicorn.”
Natarajan Malupillai, Group CEO, IIT Madras Research Park & Incubation Cell, said, “Beyond individual startups, our ambition is to strengthen India’s technology capabilities, build greater self-reliance in critical sectors and position India as a leader in frontier technologies”
Ashwin Mahalingam, Dean (Alumni and Corporate Relations) from IIT-Madras, said, “As alumni and alma mater, our success stories are deeply intertwined. Initiatives such as the VC fund provide an opportunity for our alumni to go a step beyond contributing to IIT-Madras and actively invest in the growth and success of its innovation ecosystem.” He added the fund will also play a pivotal role in bridging the ‘patient capital’ gap that is critical to the success of deep-tech startups.
Published – September 26, 2026 09:02 pm IST
