IIT-Madras deep tech fund achieves ₹450 crore first close

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 deep-tech Unicorn Frontier Fund at ₹450 crore.

The ₹450-crore first close is backed by a mix of leading IIT-Madras alumni including Kris Gopalakrishnan (co-founder of Infosys and chairperson, Axilor Ventures) and prominent family offices, along with institutions, corporates and banks. “We have now achieved the first close of ₹450 crore, within three months of receiving SEBI approval. The final close is expected by December 2026,” said the spokesperson of IITMRP.

Around four startups have already been funded through this fund. Chennai based Hathor, which is developing semi cryogenic and cryogenic rocket engines for small and medium satellite launch vehicles is one of them.