India’s largest Multistage Venture Firm 9Unicorns Rebrands to 100Unicorns, Unveils $200M Fund

9Unicorns, a fund focused on early-stage startups, has recently rebranded as 100Unicorns and announced the launch of its second fund. 100Unicorns is part of Venture Catalysts Group, a firm that invests in multiple stages of startups.

Their new fund, 100Unicorns Fund II, has a target size of $200 million with a possible extension of $100 million. In their previous fund, known as 100Unicorns Fund I (previously 9Unicorns), they have invested in various startups including Videoverse, Trunativ, ZyppElectric, Renee Cosmetics, and IGP.

“Rebranding to 100Unicorns is the next step in our evolution process. We have seen significant growth in the Indian startup ecosystem and massive funding inflow in the past couple of years. India was regarded as an IT outsourcing nation for the 3–4 decades, but in the last 10 years, India has emerged as a global leader across large multi-billion dollar companies.

I strongly believe India will emerge as the ‘Startup Nation’ in the next 10 years, with the maximum number of entrepreneurs, the highest number of Unicorns & largest employment generated by startups.

Today, Indians are targeting moonshot ideas in emerging sectors like Space Tech, BioTech, Electric Vehicles & Cleantech. On the back of these developments, we are excited about this next step of launching a $200 fund that aligns us to the needs of the Indian startup ecosystem,” said Dr Apoorva Ranjan Sharma, Managing Director of Venture Catalysts Group and Cofounder of 100Unicorns.

With the new fund, Dr Sharma’s vision is to nurture a pool of 200 outlier startups and propel them to join the billion-dollar club over the next decade.

They provide funding ranging from $300,000 to $1 million in the first round, along with support for product development, business strategies, and fundraising. Subsequent rounds receive funding of $500,000 to $2 million with the help of co-investors.

100Unicorns has made significant contributions to the startup ecosystem through initiatives like DDay and ProStar, which have aided over 80 startups in securing a total of $400 million in funding. With their new fund, 100Unicorns aims to support 200 promising startups and help them achieve billion-dollar status within the next 10 years.

Rajesh Mane, Partner at 100Unicorns highlights,”100Unicorns has proved its model of identifying best founders & enabling them with the right support at every step of the journey. We have institutionalized support for startups with a focus on growth & fundraising.”

The rebranding will prove significant for the Indian startup economy which has recorded a 15-fold jump in startup funding between 2015 and 2022. India is now the third largest startup ecosystem in the world with more than 110,000 startups across its geographies (data from the Department for Promotion of Industry and Internal Trade & Tracxn). The country is now home to 111 unicorns with a valuation of USD 350 billion.

Ankit Jain, Partner at 100Unicorns highlights “100Unicorns’ early vision of supporting startups from Tier2/3 Cities, backing founders solving local problems with global vision, and focus on climate-tech/sustainability has proven right over the past 4 years. With the upcoming fund, we strive to create an integrated ecosystem & build a full-stack growth portfolio for early-stage startups to navigate a seamless journey to become a category leader.”

Additionally, 100Unicorns’ distinctive operational approach, which includes on-site engagements with visiting partners and the active involvement of Investment Committee (IC) members, has been instrumental in guiding over 30 startups to refine their strategies and successfully launch products on a global stage.

“At 100Unicorns, we are channeling that inspiration to cultivate an ecosystem designed for triumph. Our aim is to carve out a leading role as a top-tier accelerator in India, fostering an environment where emerging startups are poised for victory and leadership in the global marketplace,” added Jain.

With that optimism, 100Unicorns will focus on bridging the early-stage funding gap in India and invest in high-quality startups. A meager 0.13% of Indian startups raise any type of seed funding despite the growth of the investor market. The upcoming fund II of $200M ensures that 100Unicorns capitalizes on the gap that exists in the Indian seed funding space.

Source: 100Unicorns Press Release

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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