Unitus Ventures’ Opportunity Fund raises Rs 75 Cr as first close

Unitus Ventures, the Bengaluru-based early-stage venture capital firm, has raised Rs 75 crore as the first close for its Opportunity Fund.

The Opportunity Fund of Unitus Ventures will be utilised towards backing its existing portfolio of startup investments which were made from its earlier two early-stage funds—Unitus Ventures Fund I and Unitus Ventures Fund II.

The VC firm, which has under its portfolio startups including BetterPlace, Cuemath, Masai, Awign, and Eduvanz, is targeting to raise Rs 300 crore as the final close of the Opportunity Fund later this year.

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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 double down on the startups across the segments of jobtech, fintech, edtech, and AI, which have shown exemplary performance.

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.”

Among the existing institutional investors in Unitus Ventures include the Michael and Susan Dell Foundation, Fidelity Charitable, and Gates Ventures. It also has leading angel investors in India and overseas as limited partners.

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 further said up to 20% of the Opportunity Fund’s capital will be utilised for deals outside of Unitus’ existing portfolio in segments such as generative AI and climate technologies.

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.”