Unicorn India Ventures signs Strategic Partnership with Continuum Fund to divest in six portfolio startups
- ByStartupStory | August 24, 2022
The US-based Continuum Fund and venture capital firm Unicorn India Ventures have partnered to transfer the shares in six of the firms in their portfolio to the American investor for INR 50 Cr.
The six portfolio companies that Unicorn India will sell stakes in are NeuroEquilibrium, Inc42, Sequretek, Clootrack, and Genrobotics. The first Unicorn fund, which was established in 2015 and oversaw a portfolio of 18 early-stage entrepreneurs, served as the initial financial support for these businesses.
Managing partner of Unicorn India Ventures, Bhaskar Majumdar said, “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 a Continuum Fund that will provide liquidity to our LPs,”.
Furthermore Bhaskar Majumdar added “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,”.
According to a statement from the company, Unicorn is now managing a portfolio of 30 startups as well as two venture capital funds.
In addition to more than 60x partial exit from fintech firm Open Bank, Unicorn asserts that its inaugural fund returned the whole capital to its investors. Exiting the pharma firm Pharmarack and AI startup Boxx.ai, the company mentioned that it has sold a 20% stake in Open Bank for $10 million.
About Unicorn India Ventures
The Early stage investor, Unicorn India Ventures invests time and money into aspiring businesspeople who are driven to change the world. Headquartered in Mumbai the venture was set up by Anil Joshi and Bhaskar Majumdar in the year 2015. 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.
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