9Unicorns makes first close of Rs 100 cr for its new fund for start-ups


India’s 9Unicorns Accelerator Fund (9Unicorns) announced its first close of Rs 100 crore ($14 million). The fund will invest in over 100 early stage start-ups, with the goal of writing the first external cheque.

9Unicorns is targeting a total corpus of Rs 300 crore ($42 million), with the rest of corpus to be targeted from multiple sources including corporations, family offices and institutions from across the ten countries and beyond that have already participated in the first close.

The fund intends to offer US$100,000 for 5-7% equity per start-up. They would go through 3 months of its acceleration programme while being mentored by successful founders. Performing start-ups would then be eligible for a follow-on round of US$500,000 to $2 million funded by a syndicate of VCats Network and global VC funds. The fund is sector agnostic and geared towards Indian startups.

9Unicorns is founded by the Venture Catalysts (VCats) founding team including Apoorva Ranjan Sharma, Anuj Golecha, Anil Jain and Gaurav Jain.

The fund already backs over 75 home-grown start-ups in India including BharatPe, Beardo, PeeSafe and Fynd in which VCats was a seed-stage investor among others.

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