Unicorn India Ventures, an Indian venture capital firm, has unveiled its third venture capital fund to back companies at the pre-Series A and Series A stage with a total investment of 400 crore rupees ($58.4 million).
The new fund will back exclusively in business-to-business technology startups, including software-as-a-service, artificial intelligence, machine learning, and internet of things.
Through the latest fund, which has already received investments worth $7.3 million, the firm plans to invest in about 24 companies with money allocated for follow-on rounds till the Series B stage.
More so, from this fund, Unicorn intends to invest between $437,715 to $729,525 for the first cheque, going up to $3.6 million to $4.4 million, including follow on rounds.