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Unicorn India Ventures
About Company
Unicorn India Ventures was founded in 2016 when our partners, Anil Joshi and Bhaskar Majumdar, brought their complementary skill sets together to pursue a common goal of assisting determined and visionary startup founders in scaling their businesses to new heights and developing the investor ecosystem in India. The investment thesis for this Fund revolved around the countrywide digitization wave as a result of higher internet penetration, increase in smartphone users, ease of doing business and the overall prosperity of the country.
Fund Snapshot
| Parameters | Details |
| Fund Size | INR 1000Cr. |
| Fund Tenure | 7 Years (with an option of 1+1 extension) |
| Investment Period | 2 Years post final close |
| Structure | SEBI registered Type II – AIF Delaware Feeder Fund for international LPs |
| LPDrawdown | In 4 equal tranches |
| Minimum Contribution | INR 1Cr. to individuals & 5Cr. for Institutions |
| First close | 10% оf the соmmitment amоunt in every qtr |
| Indicative IRR | INR – 40%; USD – 36% (gross) |
| Management Fee | 2% (1% in extension period) |
| Carried Interest | 20% |
| Hurdle Rate | 10% |
| Target final portfolio size | 20 |
| One time fees | Actual Expense, Maximum Upto 2% |
| Trustee | Vistra ITCL (India) Limited |
| Tax Advisor | B. D. Jokhakar & Co |
| Legal | Pier Counsel |
| Custodian | ICICI Bank limited |
| Auditors | BDO (M S K A & Associates) |
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About Fund Manager
Mr. Anil Joshi
- Pioneer in Indian angel investments: led Mumbai Angels & Bangalore Angels
- Closed over 100 venture deals & served on the boards of 6 companies
- Actively mentors startups and advises governmental bodies on entrepreneurship
- Member of the IVCA’s VC Council (2022-2026)
Mr. Bhaskar Majumdar
- Seasoned investor and entrepreneur with over 30 start-up investments valued at $3Bn + across India and the UK
- Founded Recreate Solutions in 2000, successfully scaled & exited the company
- Expertise in supporting early-stage businesses with scaling and international expansion
- Spent 25+ years outside India in business leadership roles across Asia, Europe & USA
Unicorn India Ventures Investment Approach
Unicorn India Ventures Fund Overview
Fund Overview
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FAQ's
1. What is Unicorn India Ventures?
Unicorn India Ventures is an investment fund founded in 2016 by Anil Joshi and Bhaskar Majumdar. The fund focuses on scaling visionary start‑ups, particularly those benefiting from India’s digitization, increasing internet & smartphone penetration, ease of doing business, and domestic economic growth.
2. What is the size, tenure, and structure of the fund?
Fund Size: INR 1,000 Crore
Tenure: 7 years, with an option to extend by 1 + 1 years
Structure: SEBI‑registered Type II AIF; also a Delaware Feeder Fund for international LPs.
3. What is the investment period?
The investment period is 2 years post final close.
4. What are the minimum investment amounts?
Individuals: INR 1 Crore for AIF route
Institutions: INR 5 Crore
PMS route (for those who prefer Portfolio Management Service): INR 50 Lakhs
5. What are the expected returns (IRR)?
For INR investors: approximately 40% gross IRR
For USD (international) LPs: about 36% gross
6. What are the fees?
Management Fee: 2% during the regular period; reduced to 1% during any extension period.
Carried Interest: 20%
Hurdle Rate: 10%
There is also a one‑time fee for actual expenses (up to maximum of 2%) incurred by the fund.
7. How many companies will the fund invest in?
The target final portfolio size is around 20 companies.
8. What is the drawdown mechanism?
The fund calls capital in 4 equal tranches from investors (LPs) as needed.
9. What is the investment focus or approach of Unicorn India Ventures?
They invest at the early signs of product‑market fit.
Often they are among the first institutional investors in the startup.
They also focus on Tier II & Tier III cities, which tend to be under‑exposed, looking for large opportunity there.
10. What does it mean to invest in unicorn companies?
Investing in unicorn companies means allocating capital to high-growth startups that have achieved or are projected to achieve a valuation of over $1 billion. These are typically private companies with strong market traction, scalable business models, and significant investor interest.
11. What stage of funding do you typically invest in?
We generally invest at the growth or pre-unicorn stage, where the company has validated its product-market fit, has strong revenue traction, and is scaling operations rapidly. This allows us to enter before the valuation peaks while still maintaining relatively lower risk than early-stage investing.
12. How do you identify potential unicorns before they become unicorns?
We use a combination of data-driven analysis, sector expertise, founder evaluation, and pattern recognition to identify startups with unicorn potential. Factors include revenue growth rate, addressable market size, customer retention metrics, leadership team quality, and ability to scale globally.
13. What are the advantages of investing in unicorn companies?
Unicorn investments offer the potential for outsized returns due to their rapid growth and strong market positioning. They often dominate their niches, attract follow-on capital easily, and have clearer paths to IPOs or large-scale acquisitions compared to smaller startups.
14. What risks are associated with investing in unicorns?
Despite their high valuations, unicorns are still private companies and carry risks such as limited liquidity, valuation corrections, regulatory challenges, market saturation, or strategic missteps. Moreover, the entry price may be higher, so careful due diligence is crucial.
15. What is your investment horizon when backing unicorn companies?
The typical holding period ranges from 4 to 7 years, depending on market conditions and the company’s exit timeline. We actively monitor each portfolio company to identify optimal exit opportunities, whether via IPO, M&A, or secondary sales.
16. Is there diversification across sectors or do you focus on specific industries?
Yes, we diversify across sectors such as fintech, SaaS, healthtech, consumer internet, logistics, and deeptech. However, we prioritize sectors with long-term tailwinds, scalability, and strong exit potential to reduce concentration risk.
17. How do you manage risk across a portfolio of unicorn investments?
Risk is managed by building a balanced portfolio — combining high-growth, near-exit companies with earlier-stage future unicorns. We also perform ongoing performance reviews, scenario modeling, and strategic intervention when necessary to protect capital.
18. Can investors expect liquidity during the fund’s tenure?
Liquidity is generally event-driven and not guaranteed during the fund term. However, partial exits via secondary sales or distribution of proceeds from IPOs or acquisitions may occur during the lifecycle of the fund. We aim to optimize timing and returns from such events.
