Unitus Ventures, the Bengaluru-based early-stage venture capital firm, has raised Rs 75 crore as the first close for its Opportunity Fund.
The Unitus Ventures Opportunity Fund will be used to back its existing portfolio of startup investments made from its earlier two early-stage funds, Unitus Ventures Fund I and Unitus Ventures Fund II.
The venture capital firm aims to fund Rs 300 crore as the Opportunity Fund’s final close later this year. Its portfolio of startups includes BetterPlace, Cuemath, Masai, Awign, and Eduvanz.
The Opportunity Fund of Unitus Ventures has received a commitment from investors such as Mynavi Corporation of Japan, Cyient founder BVR Mohan Reddy, and Nandkumar Seksaria of Govindram Seksaria Group, among others.
Unitus plans to focus even more on the startups in the jobtech, finance, edtech, and AI sectors performing exceptionally well.
On the decision to invest in Unitus Ventures, Cyient Founder-Chairman BVR Mohan Reddy said, “I liked Unitus’ investment thesis. Educating our youth and preparing them for the rapidly evolving job market is probably the single biggest challenge and opportunity for India in the next decade.”
Unitus Ventures Managing Partner Surya Mantha said, “Despite the tough macroeconomic environment, most of Unitus’ portfolio companies have grown sustainably because of their strong unit economics and unwavering focus on profitability.”
He added that deals in businesses like generative AI and climate technologies would use up to 20% of the Opportunity Fund’s capital, which is available for use in deals outside of Unitus’ existing portfolio.
Hidekazu Ito, India Head of Mynavi—a $2 billion Japanese company focused on services related to education and jobs—said, “As we entered the India market, Unitus was the natural partner, given their expertise, networks and unparalleled portfolio of startups. We also align with their commitment to identifying and supporting startups with sound business models that can create value over the long term.”