IIT-Madras Deep Technology Fund hits ₹450 crore in first close
The fund seeks to invest in IP-driven, engineering-heavy, deep-tech startups, with the majority of the portfolio expected to be early-stage companies that have achieved a TRL of 3-4. | Photo credit: B. VELANKANNI RAJ
Indian Institute of Technology Madras, IIT Madras Research Park (IITMRP) and venture capital firm Unicorn India Ventures have achieved the first close of their ₹1,000 crore Unicorn Frontier fund at a valuation of ₹450 crore.
The ₹450 crore first close is backed by a combination of top IIT-Madras alumni including Kris Gopalakrishnan (Co-Founder, Infosys and Chairman, Axilor Ventures) and prominent family offices along with institutions, companies and banks. “We have now achieved a first close of ₹450 crore, within three months of receiving SEBI’s approval. The final close is expected in December 2026,” an IITMRP spokesperson said.
Around four startups have already been financed through this fund. One of them is Chennai-based Hathor, which develops semi-cryogenic and cryogenic rocket engines for small and medium-sized satellite launch vehicles.
Carbelim is another firm that has received funding. Carbelim’s vision is to redefine air quality in our cities through nature-based decarbonisation technology. The other two firms include Quanstra, which develops single-photon detection systems and quantum equipment, and Triolt Energy, which develops lithium and next-generation lithium energy storage solutions.
The fund seeks to invest in IP-driven, engineering startups with heavy deep technologies, with the majority of the portfolio expected to be early-stage companies that have reached a Technology Readiness Level (TRL) of 3-4.
The fund aims to build a portfolio of around 25 startups with an average check size of ₹15-25 crore per startup. The fund will focus on six high-conviction areas where India has the potential to build globally competitive capabilities, including defense technology (with a focus on import substitution); Space technology (including space qualified hardware); Semiconductors (with emphasis on fictional design and IP ownership); Manufacturing technology, robotics and automation; AI Infrastructure / GenAI (including sovereign enterprise AI) and Health Tech (including solutions aimed at expanding access to healthcare).
V. Kamakoti, Director, IIT-Madras said, “This VC fund is a humble attempt by IIT-Madras and Unicorn India to support promising startups crossing their respective valleys of hope and rise to become Unicorns.”
Natarajan Malupillai, Group CEO, IIT Madras Research Park & Incubation Cell said, “Apart from individual startups, our ambition is to strengthen India’s technological capabilities, build greater self-reliance in critical sectors and position India as a leader in frontier technologies.”
Ashwin Mahalingam, Dean (Alumni and Corporate Relations) of IIT-Madras said, “As alumni and alma mater, our success stories are deeply connected. Initiatives like the venture capital fund provide an opportunity for our alumni to go a step further than contributing to IIT-Madras and actively invest in the growth and success of its innovations.” He added that the fund will also play a key role in bridging the “patient capital” gap that is critical to the success of deep-tech startups.
Published – 26 Sep 2026 21:02 IST