IIT Madras Deep-Tech Fund & Wheels India Raise Capital
By Business Desk
IIT Madras Unicorn Frontier Fund-I raises Rs 450 crore for deep-tech startups, while Wheels India secures Rs 249.99 crore via QIP.
The IIT Madras Unicorn Frontier Fund-I has secured Rs 450 crore in its first funding round, while Wheels India Limited has successfully raised Rs 249.99 crore through a Qualified Institutions Placement.
The Core Deal Terms
– IIT Madras Fund Target Corpus: Rs 1,000 crore including a Rs 400-crore greenshoe option.
– Final Close Expected: December.
– Initial Deployment: Nearly Rs 55 crore already deployed across four startups.
This collaborative initiative brings together IIT-M, the IIT-M Research Park, and Unicorn India Ventures to target technology readiness levels three and four.
Portfolio and Investment Strategy
– Planned Investment per Startup: Between Rs 15 crore and Rs 25 crore.
– Target Portfolio Size: Approximately 25 companies capable of competing in global markets.
– Current Backing: IIT-M alumni and family offices, with institutional investors, banks, and corporates expected to join.
The fund has already backed Hathor in space-tech, Quanstra in quantum-tech, Triolt Energy in battery technology, and Carbelim in carbon capture and air purification.
By targeting innovations that demand heavy time and capital, the fund ultimately aims to reduce India’s reliance on imported technology while corporate capital activities continue to expand across the broader financial landscape.