Unicorn India Ventures

Unicorn India Ventures is a Mumbai-based, SEBI-registered Category I Alternative Investment Fund founded in 2015 by Bhaskar Majumdar and Anil Joshi, focused on early-stage, technology-led startups typically from seed to pre-Series A. The firm backs dedicated entrepreneurs building market-leading companies that disrupt traditional sectors or solve real-world problems through innovative technology, deploying initial and follow-on cheques generally in the range of INR 1 to 10 crore and committing significant hands-on time to help founders scale, and it is willing to lead. Its investment themes span SaaS, deep tech, enterprise tech, fintech, healthtech, consumer internet and logistics. Unicorn India raised its first fund in 2015, backing 17 companies, a second fund around 2020 with about 20 companies, and in 2025 closed a INR 1,200 crore deep-tech-focused Fund III, exceeding its INR 1,000 crore target, that concentrates on semiconductors, spacetech and AI infrastructure, with plans to back roughly 20 startups at average ticket sizes of INR 10 to 15 crore. The firm has built a strong track record: Fund I delivered approximately 6.8x TVPI and 2.8x DPI by year eight, and a 2022 partial exit from neobank Open generated an 85 to 90x blended return. Notable portfolio companies include SmartCoin, Open, Sequretek, Pharmarack, Genrobotics and Clootrack. Across its funds the firm has made well over fifty investments and is led by managing partners Anil Joshi and Bhaskar Majumdar. By combining a decade of early-stage Indian investing with a new deep-tech mandate, Unicorn India Ventures backs founders across SaaS, fintech, semiconductors, spacetech and AI infrastructure.