Union Finance Minister Nirmala Sitharaman Launched IITM Unicorn Frontier Fund I at Bengaluru Event

Key facts

• Union Finance Minister Nirmala Sitharaman launched the IITM Unicorn Frontier Fund I in Bengaluru on September 26, 2026, at the seventh edition of the IIT Madras Alumni Association's Sangam 2026.
• The first close of the fund, set up by IIT Madras, IIT Madras Research Park (IITMRP) and Unicorn India Ventures, was achieved at ₹450 crore, three months after Securities and Exchange Board of India (SEBI) approval, with a target corpus of ₹1,000 crore including a ₹400 crore greenshoe option and final close expected by December 2026.
• The fund has deployed nearly ₹55 crore across four startups: Hathor (spacetech rocket engines), Quanstra (quantum single-photon detection), Triolt Energy (lithium-ion battery cells) and Carbelim (carbon capture using microalgae).
• The fund plans a portfolio of about 25 deeptech startups, with average cheque sizes of ₹15-25 crore, targeting sectors including defence, space, semiconductors, manufacturing, robotics, AI infrastructure, generative AI and healthtech.
• Infosys co-founder Kris Gopalakrishnan is among the IIT-Madras alumni backing the fund, which was raised entirely through private capital.