The Indian Institute of Technology Madras Research Park (IITMRP) and venture capital firm Unicorn India Ventures have launched a Rs 600 crore fund, aiming to back early-stage deep technology startups in sectors critical to India’s strategic interests.The fund, titled ‘IIT Madras Unicorn Frontier Fund I’, will focus on intellectual property-led startups in robotics, space technology, defence, and semiconductors.The announcement, made at the institute’s Entrepreneurship Summit 2026, comes as India seeks to reduce its reliance on technology imports and build domestic capabilities in high-tech manufacturing. The initiative aligns with the Union Budget 2026, which introduced the ‘India Semiconductor Mission 2.0’ to expand capabilities beyond fabrication into equipment and design IP, mirroring the fund’s focus on strengthening indigenous technical sovereignty.The fund includes a greenshoe option of Rs 400 crore and plans to invest in approximately 25 startups initially. The partners said the fund is designed as “patient capital” with a lifecycle of up to 12 years.Earlier this week, the government officially expanded the definition of deep tech startups. The Department for Promotion of Industry and Internal Trade (DPIIT) now recognises deep tech entities for up to 20 years, double the previous limit, and raised the turnover cap to $33.1 million, acknowledging the… Read MoreYourStory RSS Feed
