9Unicorns Evolves into 100Unicorns: Launches $200M Fund for India’s Startups

Early-stage accelerator fund 9Unicorns, part of the Venture Catalysts Group, has undergone a rebranding and emerged as 100Unicorns. Alongside this transformation, the firm has announced the launch of its second fund, 100Unicorns Fund II, with a targeted size of $200 million. The new fund will invest in 200 early-stage startups for their growth and development. 

With a corpus of $200 million, the 100Unicorns Fund II also includes a green-shoe option of $100 million, allowing for additional flexibility in investment opportunities. 

Apoorva Ranjan Sharma, managing director of Venture Catalysts Group and cofounder of 100Unicorns, highlighted that the new fund aims to emulate the success of Y Combinator in India, providing comprehensive support to startups right from their inception. 

Sharma emphasized the fund’s diverse investment approach, with allocations already made to 4-5 startups across various sectors such as robotics, healthcare, and pioneering business models. 

Looking ahead, the fund intends to broaden its investment scope to encompass industries such as electric vehicles, defense, direct-to-consumer, software-as-a-service, travel, and fintech.

Under its previous identity as 9Unicorns, the inaugural fund, 100Unicorns Fund I, invested in over 140 startups, many of which have succeeded in their respective domains. Startups like Trunativ, ZyppElectric, Videoverse, Renee Cosmetics, and IGP have emerged as industry leaders.

Apoorva emphasized the importance of having an accelerator like Y Combinator in India, noting that such entities back the majority of successful technology firms in the United States. 

He highlighted the need for an accelerator that provides initial funding to startups with promising business propositions. Sharma emphasized that 100Unicorns aims to leverage this model to cultivate the next generation of unicorns in India, drawing inspiration from the success of global venture capital firms like Y Combinator, which have recently facilitated the emergence of over 200 unicorns in the US market.

He further outlined the fund’s investment strategy, revealing that around 60% of its capital will be allocated to making initial investments ranging from $250,000 to $300,000 in startups. The remaining portion of the fund will be used for subsequent follow-on investments of up to $3 million in portfolio companies as they progress through multiple funding rounds. 

Additionally, 15% of the fund’s capital will be invested in startups in the US, Middle East, Africa, and Asia, reflecting the fund’s global outlook and commitment to supporting innovative ventures worldwide.

Ankit Jain, a partner at 100Unicorns, emphasized the fund’s early vision of supporting startups from Tier-II/III cities and backing founders with a global vision to solve local problems. He highlighted the fund’s focus on climate technology and sustainability, which has proven successful over the past four years. 

With the upcoming fund, Jain expressed the goal of creating an integrated ecosystem and building a comprehensive growth portfolio for early-stage startups, facilitating a seamless journey toward becoming category leaders.

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