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CHENNAI: IIT Madras, IIT Madras Research Park and Unicorn India Ventures have achieved the first close of their Rs 1,000-crore IITM Unicorn Frontier Fund I at Rs 450 crore, three months after receiving SEBI approval, and announced investments of nearly Rs 55 crore in four deep-tech startups. The milestone was announced in the presence of Union Finance Minister Nirmala Sitharaman in Bengaluru on Saturday.
The fund, launched in February 2026 with a corpus of Rs 1,000 crore, including a Rs 400-crore greenshoe option, is targeting a final close by December. It is backed by IIT Madras alumni, family offices, institutions, corporates and banks.
The four startups receiving the investments are Chennai-based Hathor, which is developing semi-cryogenic and cryogenic rocket engines for small and medium satellite launch vehicles; Delhi-based Quanstra, which is developing single-photon detection systems and quantum instrumentation; Triolt Energy, which is developing high-performance lithium-ion battery cells for drones and fast-charging electric mobility; and Carbelim, which is developing bio-integrated carbon capture and air-purification systems using proprietary microalgae technology.
“At IIT Madras, we have built an ecosystem that has nurtured several deep-tech companies who have consistently demonstrated TRL growth,” IIT Madras Director V Kamakoti said, adding that the partnership with Unicorn India Ventures would provide startups with patient capital and strategic growth guidance.
The fund will focus on defence technology, space technology, semiconductors, manufacturing, robotics and automation, AI infrastructure and health technology. Each investment will be screened for global export potential, strategic import substitution and technological advantage.
It aims to build a portfolio of 25 IP-led, engineering-intensive startups, with most investments targeting early-stage companies at Technology Readiness Levels 3-4. The average investment is expected to be Rs 15-25 crore per startup.