Companies

Unicorn India to raise ₹60 crore

Abhishek Law Kolkata | Updated on January 20, 2018 Published on March 04, 2016

Unicorn India Ventures, a Mumbai-based category-one fund, is looking to raise ₹60 crore for the final close of its maiden corpus of ₹100 crore. It will focus on financing early stage technology start-ups in the social media, mobile analytics and cloud computing space.

The final close is expected by June. A first close of ₹40 crore was achieved in January.

According to Bhaskar Majumdar, Managing Partner, Unicorn India, the fund will be raised mostly from corporates (industry houses), high net-worth individuals (HNIs), institutions and other technology entrepreneurs. “By June we should close the fund and it will focus on funding start-ups in early stages, particularly within the country,” he said adding that attempts will be made to tap HNIs and industry houses in the eastern region. Unicorn India has already tied-up with JR Laddha Financial Services (JRLFS) and three partners — Majumdar, Laddha and Anil Joshi — have together have a corpus of ₹5 crore.

Four ventures

So far, Unicorn has invested in four ventures. The first was an inter-city cab aggregator, Roder.

This was followed by investments in VanityCube, an on-demand beauty service; a start-up focused news portal, and then in Pharmarack, a pharma billing solution provider.

A sum of $250,000 ( about ₹1.5 crore) is said to have been made in these companies. The fund is looking to invest in 10-12 start-ups a year.

Published on March 04, 2016
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