9Unicorns raised Rs 100 crore
The early stage startup fund 9Unicorns from Venture Catalyst has raised Rs 100 crore from India’s leading snack manufacturer Haldiram’s and a few other undisclosed investors.
After it first raised Rs 100 crore in August last year, its investment corpus has now doubled to Rs 200 crore. The startup accelerator has also exercised an option, it said in a statement, to increase its corpus to Rs 500 crore. 9Unicorns is also in talks with companies and investors in the coming months to lift the next Rs 300 crore, it said.
The fund is now looking to make investments in over 100 start-ups in the early stage, the company said. It usually invests $100,000 at the concept level for 5-7 percent interest per startup.
In reality, last year was a great year for the start-up ecosystem that witnessed the 11 Unicorns being formed. As a fund, we aim to help early-stage companies that have the potential to become billion-dollar businesses in the future,” said Venture Catalyst co-founder Apoorva Ranjan Sharma. “I expect the number of unicorns in India to rise 4x from 44 today in the next few years, giving many investors the opportunity to be a supporting agent and guarantee multiple X returns from this emerging ass.
“According to Kamal Agrawal, Haldiram’s executive director, his investment in 9Unicorns would help digital companies worldwide. or. Through this partnership, we look forward to closely collaborating with the 9Unicorns team… and mentoring the creative 9unicorns investors working digitally” he said.