Venture Capital

9Unicorns announced fourth close of Fund I at $50 million


Bengaluru: Startup incubation platform, 9Unicorns on Tuesday announced the fourth close of its first accelerator fund (Fund I) at $50 million.

The fourth close witnessed participation from Indian industrialists and businesses including snack maker Haldiram’s, Indian Bank, Ahmedabad-based Chona Family Office, Parakh Foods, Puzzolana Group along with other limited partners, the company said in a statement.

9Unicorns has already committed investments in 59 odd startups whose combined valuation is pegged at $420 million. Seven of the startups have already raised bigger rounds of investments. The Venture Catalysts (VCats)-backed fund now plans to invest in 150 startups over the next one year.

With focus on deeptech, software-as-a-service (SaaS), media, fintech, insuretech, healthtech, and logistics startups, 9Unicorns typically invests around $150,000 for 5%-7% equity in idea-stage startups.

“India has truly emerged as the land of the ‘unicorns’, which puts us at the right place at the right time! We would add here that we are in the best possible spot to capitalize on the momentum. India is poised to cross hundred billion-dollar companies by 2023 and hence we feel this is the right time for us to conduct our first demo day to showcase some of our innovative startups to global venture capitalists to raise bigger round,” said Dr Apoorva Ranjan Sharma, managing director and founder of 9Unicorns.

Currently, 9Unicorns’ portfolio includes mediatech; revenue-based financing firm, Klub; fertility care provider, Janani; marketing automation firm, ExtraaEdge, audio production automation firm, Deepsync; D2C lifestyle footwear brand Monrow, and edutech Qin1.

As of May 2021, the incubation platform claims to have syndicated investments with co-investors such as Sequoia Surge, Titan Capital, SOSV, and Nexus Ventures amongst others.

The syndication also includes ‘super angels’ including Ritesh Agarwal, founder, OYO; Pankaj Chaddah, founder, Zomato; Anand Chadrasekaran, Ramakant Sharma, founder, Livspace, and Amrish Rau, chief executive, PineLabs among others.

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