IIT Madras Research Park (IITMRP) is partnering with Unicorn India Ventures (UIV) to launch a ₹600 crore deep tech fund called IIT Madras Unicorn Frontier Fund I. The fund will have ₹400 crore greenshoe option and target 25 plus startups, initially. IITMRP and UIV will play an equal role in strategic portfolio construction with a significant portion of the companies to be sourced from IITM’s larger ecosystem and balance from the wider Indian deep tech ecosystem.
Prof V Kamakoti, Director, IIT Madras, made this landmark announcement during the Inauguration of Entrepreneurship Summit 2026 on the campus on February 6, 2026. The fund was launched in the presence of Swapnil Jain, Co-founder at IIT Madras-incubated Ather Energy, who is not only an IIT Madras alumnus but was a member of E-Cell.
E-Summit 2026 is hosting a series of high-impact events, that support start-ups from ideation to scale. It will feature on-the-spot investments from angel funds to Series A funds for participating founders/teams during PitchFest and Elevate.
Startup Expo (7–8 February 2026), the largest start-up showcase in the southern region, will exhibit 80+ start-ups to students, investors and industry leaders. Additionally, E-Cell supported startups that includes 50 ventures that progressed from ideation to Minimum Viable Product (MVP) through E-Cell initiatives like Ideasprint and Bootcamp;
Prof V Kamakoti, Director, IIT Madras, said, “We will need to focus on technological sovereignty in several areas including AI, semiconductors, defence tech and quantum technology. The need of the hour is to reduce reliance on technology imports and strengthen indigenous capabilities through fostering more deep-tech entrepreneurship and innovation. IIT Madras has been in the forefront of this wave for over a decade, and this Fund is another logical step for us as we try to support and scale our startups with patient capital.”
Elaborating on IIT Madras Unicorn Frontier Fund I, Natarajan Nat Malupillai, CEO of IITM Research Park, said, “India’s deep tech ecosystem is at an inflection point. We have demonstrated that without pouring in billions of dollars, we can build mission-driven, globally competitive and innovation-led startups from here. This initiative has given us the necessary impetus to further accelerate the speed of innovation at IITMRP. We are keen to align with some of the most cutting-edge deep tech startups and Unicorn India as partners will give us a headstart to shape up India’s deep tech future for the world.”
The highlights of IIT Madras Unicorn Frontier Fund I include, average first cheque size would be ₹8-10 crore, majority of the portfolio will be focused on early-stage deep tech companies that have reached TRL 3 – 4 and 60% of the corpus will be used for building the portfolio and the balance will be reserved for follow-on rounds.
Prof Richa Agrawal, Faculty Advisor, E-Cell IIT Madras, said, “We are currently working with 300 plus networked campuses (through our EDD initiative) to create similar momentum to accelerate startup culture across the country. Startup Meetups conducted across eight cities over the last few months are expanding our geographical footprint and strengthening campus connect especially in Tier II and Tier III cities. “