Unitus Ventures’ Opportunity Fund raises Rs 75 Cr in its initial close
Bengaluru-based early-stage venture capital firm, Unitus Ventures, has raised INR 75 crore as the initial close for its Opportunity Fund. This fund will be used to support its current portfolio of startups, which were invested in through its previous two early-stage funds – Unitus Ventures Fund I and Unitus Ventures Fund II. With startups such as Better Place, Cuemath, Masai, Awign, and Eduvanz under its portfolio, Unitus Ventures aims to raise INR 300 crore as the final close of the Opportunity Fund by the end of this year.
Unitus Ventures’ Opportunity Fund has secured funding from investors including Mynavi Corporation from Japan, BVR Mohan Reddy, founder of Cyient, and Nandkumar Seksaria of the Govindram Seksaria Group.
Unitus intends to increase its support for startups in the jobtech, fintech, edtech, and AI sectors that have demonstrated exceptional results.
Regarding the investment in Unitus Ventures, BVR Mohan Reddy, the Founder-Chairman of Cyient, stated, “I liked Unitus’ investment thesis. Educating our youth and preparing them for the rapidly evolving job market is probably the single biggest challenge and opportunity for India in the next decade.”
Institutional investors in Unitus Ventures include the Michael and Susan Dell Foundation, Fidelity Charitable, and Gates Ventures, along with leading angel investors from India and abroad as limited partners.
According to Unitus Ventures Managing Partner Surya Mantha, despite the challenging economic environment, the majority of Unitus’ portfolio companies have demonstrated sustainable growth due to their focus on profitability and strong unit economics.
Mantha added that up to 20% of the Opportunity Fund’s capital will be invested in deals outside of the current portfolio, including in areas such as generative AI and climate technologies.
Hidekazu Ito, India Head of Mynavi—a $2 billion Japanese company focused on services related to education and jobs—said, “As we entered the India market, Unitus was the natural partner, given their expertise, networks and unparalleled portfolio of startups. We also align with their commitment to identifying and supporting startups with sound business models that can create value over the long term.”
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