Unitus Ventures logs first close of opportunity fund at Rs 80 crore

Early-stage enterprise capital (VC) fund Unitus Ventures has made the primary shut of its opportunity fund at Rs 80 crore.

ET reported in November that the VC fund was planning a Rs 300-crore (around $80 million) opportunity fund, via which it might spend money on profitable startups from its first two funds.

Unitus has backed startups comparable to CueMath, GigForce, Masai School and CareerNinja.

It has already backed some portfolio startups comparable to BetterPlace, Cuemath, Awign, Masai, Eduvanz from the chance fund, which is predicted to see closing shut over the following 12-18 months, managing accomplice Surya Mantha informed ET.

The agency additionally plans to make the primary shut of its $100 million third fund in India within the final quarter of the present calendar yr.

Unitus has invested in fintech, job-tech, ed-tech, healthcare, synthetic intelligence and enterprise tech companies, via its first two funds.

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“Regardless of the robust macroeconomic setting, most of Unitus’ portfolio corporations have grown sustainably due to their sturdy unit economics and unwavering deal with profitability,” Mantha stated.As much as 20% of the chance fund’s capital shall be earmarked for offers outdoors of Unitus’ current portfolio, he added.

“It will allow us to discover alternatives in early-growth or growth-stage corporations (Collection A+ onwards) which might be capitalising on advances in generative AI and local weather applied sciences,” Mantha stated.

Other than restricted companions which have invested in Unitus’ earlier funds, some new traders have additionally participated within the alternative fund. These embrace Cyient founder-chairman and board member BVR Mohan Reddy, and Japanese conglomerate Mynavi.

“Educating our youth and making ready them for the quickly evolving job market might be the one greatest problem and alternative for India within the subsequent decade. End result-oriented training and jobtech are on the core of Unitus’ funding technique,” Reddy stated.

“As we entered the India market, Unitus was the pure accomplice, given their experience, networks and unparalleled portfolio of startups,” stated Hidekazu Ito, India head of Mynavi.

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