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The early-stage VC firm looks to make seed investments in the areas of social media, mobile, analytics, cloud tech and IoT

Unicorn India Ventures, a new early-stage VC fund in India, has made the first close of its first fund at INR 40 crore (approximately US$6 million).

The Mumbai-based fund, which was launched in March last year, is looking to make the final close of the fund at INR 100 crore (US$15 million), as per an official statement.

The VC firm looks to make seed investments in startups working in areas of social media, mobile, analytics, cloud tech and Internet of Things (IoT).

It looks to invest in 10-12 startups a year, thereby creating a portfolio of 30 companies over the next three years. The average investment size would be between INR 50 lakh (US$75,000) and INR 1 crore (US$150,000)

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The fund shall also co-invest in the Series A round of its portfolio companies.

“We are betting on sectors like fintech, app-based business helping enterprise solution and cloud technology, but a common thread among any of these startups should be that they are solving real- life problems of either the end user or other businesses,” said Managing Partner Anil Joshi, who previously worked with Mumbai Angels and Bangalore Angels.

“We prefer to invest in a company which has more than one founder. However, we don’t involve ourselves in the day-to-day operations of a company as we believe founders should be in the driving seat making all big decisions. We are their sounding board and a guide,” said Bhaskar Majumdar, the other Managing Partner.

Unicorn has also appointed Aayush Jain as a Principal. Jain comes with over eight years of experience in corporate and product strategy, capital raising, business/corporate development and M&As across sectors including technology, media, cloud, digital, consumer and education.

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