Its funding corpus has now doubled to Rs 200 crore after it first raised Rs 100 crore in August final 12 months. The startup accelerator has additionally exercised an choice to extend its corpus to Rs 500 crore, it mentioned in a press release. 9Unicorns can be in talks with companies and traders to boost the following Rs 300 crore within the coming months, it added.
The fund is now trying to make early-stage investments in over 100 startups, the corporate mentioned. It usually invests $100,000 for 5-7% stake per startup on the concept stage.
“Final 12 months was certainly an ideal 12 months for the startup ecosystem that witnessed the creation of 11 Unicorns. As a fund, we purpose to again early-stage firms which have the potential to change into billion-dollar firms sooner or later,” mentioned Apoorva Ranjan Sharma, co-founder of Enterprise Catalyst. “I anticipate the variety of unicorns in India will develop 4x from 44 right this moment in subsequent few years, offering a number of traders with a possibility to be a supporting agent and guarantee a number of X returns from this rising asset class.”
As of December, 9Unicorns syndicated over Rs 240 crore with co-investors akin to Sequoia Surge, Titan Capital, SOSV, Lightspeed, Matrix Companions, and Nexus Ventures. “We can be closing the remainder of the fund quickly to spice up additional the entrepreneur community in India, particularly these within the non-metros,” Sharma mentioned.
In accordance with Kamal Agrawal, the chief director at Haldiram’s, its funding in 9Unicorns will assist digital companies throughout the nation. “With this collaboration, we sit up for partnering actively with the 9Unicorns staff…and mentoring the revolutionary digitally run 9unicorns investees,” he mentioned.
Together with Haldiram’s, the Mumbai-based accelerator is backed by organisations such because the OPG Group, the MBG Group, Parakh Meals, Qualcon Worldwide, UB Cotton, together with executives from SAP, LinkedIn, Quest International, AB InBev and Fujitsu.
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