To transfer the shares in its six portfolio firms to the American investor for INR 50 Cr, Unicorn India Ventures has a strategic partnership with the US-based Continuum Fund.
Genrobotics, Sequretek, Clootrack, Inc42, Inntot, and NeuroEquilibrium are the six portfolio firms that Unicorn India will sell its stake in. Initial funding for these startups came from Unicorn’s inaugural fund, which was established in 2015 and oversaw a portfolio of 18 early-stage startups.
“We have two outliers from our first fund–OpenBank and SmartCoin. We studied our portfolio and curated a list of 6 companies which we look as future winners but they need time to grow. Given that we have just finished the sixth year of the seven-year-fund, we wanted to provide an exit to our LPs. We have structured this through Continuum Fund that will provide liquidity to our LPs,” said Bhaskar Majumdar, managing partner of Unicorn India Ventures.
Unicorn India Ventures manages a portfolio of 30 startups
Set up by Anil Joshi and Bhaskar Majumdar, Unicorn primarily invests in seed and early-stage tech-enabled startups across diverse sectors. It writes off initial cheques and follow-on investments between INR 50 Lakh and INR 10 Cr, according to its website.
Unicorn India Ventures is presently running two VC funds and also, managing a portfolio of 30 startups, per the company statement.
“While there is a lot of noise and excitement within the startup community, the critical success factor for VCs is to be able to return capital to its investors. We are focussed on that and are proud to say we have been able to return close to 2x DPI to our investors and the TVPI is over 5x of the fund size,” Majumdar added.
Unicorn claims that its first fund has returned the entire capital to its investors along with more than 60x partial exit from fintech startup Open Bank. It informed that it has sold 20% stake in Open Bank for $10 Mn and also exited pharma startup Pharmarack and AI startup Boxx.ai.
Unicorn India established its second fund in 2020, with a corpus target of INR 300 Cr. Under the second fund, it has backed 19 startups to date.
