IIT-M deep-tech fund raises Rs 450 cr in 1st close
CHENNAI: The IIT Madras Unicorn Frontier Fund-I, set up to provide long-term funding to deep-tech startups, has raised Rs 450 crore in its first funding round. Union Finance Minister Nirmala Sitharaman was present at the announcement on Saturday.
Launched by IIT-M, IIT-M Research Park, and Unicorn India Ventures, the fund has a target corpus of Rs 1,000 crore, including a Rs 400-crore greenshoe option. The fund is expected to close by December, said a release. It added that the first close comes within three months of the fund receiving SEBI approval.
