Tag: Long gestation technology commercialisation funding India

Dr V Kamakoti, Director of Indian Institute of Technology Madras, and Bhaskar Majumdar, Managing Partner at Unicorn India Ventures, say the fund will support IP-led deep tech startups through long development cycles

Chennai, 6 February 2026: IIT Madras Research Park and Unicorn India Ventures have come together to create a ₹600 crore deep tech investment vehicle, with an additional ₹400 crore greenshoe option, aimed at supporting engineering-heavy startups that require extended timelines to move from research to commercial deployment.
The fund, titled IITM Unicorn Frontier Fund I, has been structured as a 10 plus 2 year vehicle and is designed to provide long-horizon capital for startups operating in areas such as robotics, space technology, defence technology, semiconductors, MedTech, and other IP-led sectors aligned with national strategic priorities.

The investment strategy will focus on building a portfolio of more than 25 companies. Average first cheque sizes are expected to be in the ₹8–10 crore range. A large portion of the fund will be deployed at early stages, targeting companies that have reached Technology Readiness Levels (TRL) 3 to 4, with follow-on capital reserved for companies progressing through later stages of validation and scale-up.
A significant share of the investments will be drawn from the IIT Madras ecosystem, while the balance will be allocated across the wider Indian deep tech landscape. Around 60 percent of the corpus will be deployed toward initial investments, with the remaining 40 percent reserved for follow-on rounds to ensure portfolio companies are not constrained by capital during early commercialisation phases.

V Kamakoti, Director of IIT Madras, said science and technology will play a central role in India’s long-term growth trajectory and its ambition of achieving Viksit Bharat by 2047. He said reducing dependence on imported technologies and strengthening domestic capabilities in areas such as semiconductors, defence technology, quantum systems, and advanced engineering remains a national priority, and the fund represents a logical extension of IIT Madras’ long-standing work in this direction.
Natarajan Malupillai, Group CEO of IIT Madras Research Park, said India’s deep tech ecosystem is entering a phase where sustained R&D investment, supportive policy frameworks, and entrepreneurial ambition are converging. He said the partnership is intended to help mission-driven startups scale responsibly while strengthening India’s innovation and entrepreneurship culture.

Bhaskar Majumdar, Managing Partner at Unicorn India Ventures, said the firm’s experience in backing early-stage deep tech companies positions it to manage the fund through long development cycles. He said the availability of patient capital, coupled with access to industry networks and follow-on funding, will be critical in helping founders navigate the transition from validated technology to market adoption.
Unicorn India Ventures will act as the fund manager and will also mobilise co-investment capital through its network of institutional investors, family offices, and high-net-worth individuals. Fundraising efforts will include participation from IIT Madras alumni as well as Unicorn India Ventures’ global limited partner base.

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