ET reported in November that the VC fund was planning a Rs 300-crore (around $80 million) opportunity fund, through which it would invest in successful startups from its first two funds.
Unitus has backed startups such as CueMath, GigForce, Masai School and CareerNinja.
It has already backed some portfolio startups such as BetterPlace, Cuemath, Awign, Masai, Eduvanz from the opportunity fund, which is expected to see final close over the next 12-18 months, managing partner Surya Mantha told ET.
The firm also plans to make the first close of its $100 million third fund in India in the last quarter of the current calendar year.
Unitus has invested in fintech, job-tech, ed-tech, healthcare, artificial intelligence and enterprise tech firms, through its first two funds.
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“Despite the tough macroeconomic environment, most of Unitus’ portfolio companies have grown sustainably because of their strong unit economics and unwavering focus on profitability,” Mantha said.Up to 20% of the opportunity fund’s capital will be earmarked for deals outside of Unitus’ existing portfolio, he added.
“This will enable us to explore opportunities in early-growth or growth-stage companies (Series A+ onwards) that are capitalising on advances in generative AI and climate technologies,” Mantha said.
Apart from limited partners that have invested in Unitus’ earlier funds, some new investors have also participated in the opportunity fund. These include Cyient founder-chairman and board member BVR Mohan Reddy, and Japanese conglomerate Mynavi.
“Educating our youth and preparing them for the rapidly evolving job market is probably the single biggest challenge and opportunity for India in the next decade. Outcome-oriented education and jobtech are at the core of Unitus’ investment strategy,” Reddy said.
“As we entered the India market, Unitus was the natural partner, given their expertise, networks and unparalleled portfolio of startups,” said Hidekazu Ito, India head of Mynavi.
