IIT Kharagpur Alumni Back IIT Madras DeepTech Fund as First Close Reaches ₹450 Crore

Two distinguished IIT Kharagpur alumni are playing a key role in a major new university-linked deep-tech investment fund led by IIT Madras. Bhaskar Majumdar and Ratun Lahiri of Unicorn India Ventures are associated with the IITM Unicorn Frontier Fund I, a venture vehicle created with IIT Madras and IIT Madras Research Park to support research-driven technology startups.

The fund has now achieved a first close of approximately ₹450 crore against a target corpus of up to ₹1,000 crore and has already committed nearly ₹55 crore to four deep-tech companies.

IITM Unicorn Frontier Fund I: Key Details

What Is the IIT Kharagpur Connection?

The fund itself is anchored to the IIT Madras ecosystem, but IIT Kharagpur has highlighted the involvement of its alumni Bhaskar Majumdar and Ratun Lahiri through Unicorn India Ventures.

The development therefore represents an alumni connection between two major IIT ecosystems: IIT Madras supplies the research and incubation platform, while Unicorn India Ventures provides fund-management and investment expertise.

Which DeepTech Sectors Will the Fund Target?

The fund is designed to support intellectual-property-led, engineering-heavy companies working in areas considered strategically important for India.

• Defence technology
• Space technology
• Semiconductors
• Advanced manufacturing
• Robotics and automation
• Artificial intelligence infrastructure and GenAI
• Health technology

IIT Madras said when the fund was announced in February that the objective was to provide patient capital to technologies that may require years of research and development before reaching commercial scale.

Four Startups Already Receive Funding

The fund has already deployed nearly ₹55 crore across four companies operating in different deep-tech areas:

Why the Fund Is Significant

Deep-tech startups typically require larger amounts of capital and longer development timelines than conventional software companies. The IITM Unicorn Frontier Fund is designed to bridge the gap between laboratory research and commercial deployment by combining technical validation with long-term investment capital.

IIT Madras initially announced a ₹600 crore corpus with a ₹400 crore greenshoe option. The institute said most investments would focus on companies at Technology Readiness Levels 3 and 4, where concepts have progressed beyond early research but still require substantial development before large-scale commercialisation.

First Close Announced in Bengaluru

The first-close milestone was announced in Bengaluru during IIT Madras Alumni Association's Sangam 2026 event in the presence of Union Finance Minister Nirmala Sitharaman.

The fund is expected to continue raising capital toward its full target while investing in Indian deep-tech startups with strong intellectual property, strategic technology value and potential for global markets.

For IIT Kharagpur, the development also highlights how alumni are contributing to technology investment beyond their own institution, linking university research, venture capital and startup creation across India's broader innovation ecosystem.