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9Unicorns raises $50 mn for on-road maiden accelerator fund

9Unicorns raises $50 mn for on-road maiden accelerator fund
Photo Credit: VCCircle
29 Jun, 2021

9Unicorns, the venture fund set up by incubator and accelerator Venture Catalysts, said on Tuesday it has reached the fourth close of its first accelerator vehicle at $50 million (Rs 371 crore). 

The Mumbai-based firm said the fourth close saw participation from some global and Indian industrialists and businesses including snack maker Haldiram's, Indian Bank, Ahmedabad-based Chona Family Office, Parakh Foods, Puzzolana Group and other limited partners. 

“India has truly emerged as the land of the unicorns, which puts us at the right place at the right time! We would add here that we are in the best possible spot to capitalise on the momentum,” Apoorva Ranjan Sharma, managing director and founder of 9Unicorns, said. 

9Unicorns also said it has committed investments in 59 startups, with a combined valuation of $420 million.  

Its portfolio includes interactive video shopping platform Toch.ai, revenue-based financing firm Klub, fertility care provider Janani, and marketing automation firm ExtraaEdge.  

Audio production automation firm Deepsync, D2C lifestyle footwear brand Monrow, and edutech Qin1 also sit in the portfolio. 

9Unicorns typically invests around $150,000 for 5-7% equity per idea-stage startup. 

The accelerator fund is backed by global venture capital firms, limited partners, and family offices of large organisations such as The OPG Group, The MBG Group, and Parakh Foods. 

The firm said the sector-agnostic fund plans to invest in 150 such startups over the next one year.