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Unitus Ventures on Tuesday said it has secured an investment of Rs 75 crore (USD 10 million) under SIDBI's Fund of Funds for Startups initiative.
The fund received from SIDBI (Small industrial Development Bank of India) will strengthen the deployment of Unitus' second fund that was launched in 2018, a statement said.
Unitus has recently invested Rs 8.5 crore (USD 1.1 million) in Masai School, an ed-tech platform.
"To maintain the fund focus and support our portfolio companies through the growth stages operating experience is pivotal. Unitus Ventures Fund II will invest in 15-20 startups in early and scale-up stages with ticket sizes between USD 0.5 million to USD 1.5 million," Unitus Ventures Partner Srikrishna Ramamoorthy said.
The focus will be on selecting stellar founding teams who have what it takes to build and deliver differentiated products and services and the potential to be national or global market leaders, he added.
Raj and Indra Nooyi (former PRTM Management Consultants Partner and former CEO of PepsiCo, respectively), and Lakshmi Narayanan (former vice-chairman and CEO of Cognizant) are some of the new investors who join existing investors such as Gates Ventures family office, the Michael and Susan Dell Foundation and Hemendra Kothari in Fund II, the statement said.
Some startups that have been funded by Fund II include Milaap, Hippocampus, Caravan, iStar, and CueLearn.
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