Companies

Unitus Ventures augments Fund II with ₹75 crore from SIDBI

Our Bureau Bengaluru | Updated on August 19, 2020 Published on August 19, 2020

The fund is focussed on innovative start-ups creating tech platforms that connect million of job seekers with appropriate employment opportunities

Unitus Ventures has secured an investment of ₹75 crore ($10 million) under SIDBI’s Fund of Funds for Start-ups initiative enabled by the Government of India. This will strengthen the deployment of its second ₹300-crore fund, which was launched in 2018.

Unitus Ventures Fund II is focused on innovative start-ups creating technology platforms that connect millions of job seekers with appropriate employment opportunities and has built a strong portfolio in this emerging job-tech sector. For example, imparting programming skills of a high order that makes college graduates and dropouts alike ready for the most challenging software development jobs is a huge opportunity. With an investment of ₹8.5 crore ($1.1 million) in Masai School, an early leader in this space, Unitus continues to strengthen its job-tech portfolio.

Raj and Indra Nooyi, former Partner, PRTM Management Consultants and former CEO of PepsiCo respectively, and Lakshmi Narayanan, former vice-chairman and CEO of Cognizant, are some of the new investors who join existing investors such as Gates Ventures family office, the Michael & Susan Dell Foundation and Hemendra Kothari in Fund II.

Unitus Ventures is also strengthening its team to support its latest fund. Srikrishna Ramamoorthy, Partner at Unitus Ventures said, “To maintain the fund focus and support our portfolio companies through the growth stages, operating experience is pivotal. We are delighted to announce that Surya Mantha, a seasoned investor and operating executive, has joined Unitus as Senior Partner. Radha Kizhanattam, a long-time member of our team, is also being elevated to Partner.”

Unitus Ventures Fund II will invest in 15-20 start-ups in early and scale-up stages with ticket sizes between $0.5 million to $1.5 million. The focus will be on selecting stellar founding teams who have what it takes to build and deliver differentiated products and services and the potential to be national or global market leaders.

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Published on August 19, 2020
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