7 January, 2016, India: In an interesting move, SEBI registered AIF-I VC fund company, Unicorn India Ventures has declared that the company has closed down Rs. 40 crore out of Rs 100 crore fund. It has decided to utilise the raised amount in funding early stage startups.
Founded by Anil Joshi and Bhaskar Majumdar, the company deals in planning the investment in the areas such as social media, mobile, analytics, cloud tech and IOT. As per the report in thetechportal.in, it is planning to raise another round of funding by the end of April 2016.
Sharing his views on the development, Anil Joshi opined, “Unicorn India Ventures has been started with an aim to discover start-ups that are doing ground breaking work in their field. We want to be a partner in their journey towards growth and use our financial resources which will help them to scale up.”
Report also suggests that the investors are planning to invest in 10-12 startups every year. With this, it will make a lobby of 30 companies in a time span of three years. In order to give the value to its investment, investors spend approximately 2-3 months with the founder of the startup in order to understand the mode of their business module and to scale the potentials of their business.
“We are quite clear about the kind of start-ups and teams we want to engage with. 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,” stated Bhaskar Majumdar.