IIT Madras Deeptech Fund Hits ₹450 Crore First Close, Backs Four Startups
India’s push to turn university-led research into commercial deeptech companies is getting a new pool of capital. The IITM Unicorn Frontier Fund - I, has reached a first close of ₹450 crore and has already deployed nearly ₹55 crore across four startups working in space propulsion, quantum technology, advanced batteries and carbon capture.
The fund, jointly anchored by IIT Madras, IIT Madras Research Park and Unicorn India Ventures, announced the first close in the presence of Finance Minister Nirmala Sitharaman. It was originally announced in February 2026 with a targeted corpus of ₹1,000 crore, including a ₹400 crore greenshoe option.
The ₹450 crore first close was reached within three months of receiving SEBI approval, with the final close targeted for December 2026.
But the more significant signal may be where that capital is headed. The fund plans to build a portfolio of 25 IP-led and engineering-heavy startups, with a majority...
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