| Log in

Unitus Seed Fund gets additional commitment; corpus moves to $20M

03 September, 2014

Seed-stage impact investor Unitus Seed Fund has secured an additional commitment of $7 million from new investors taking the total corpus to $20 million for its India-focused micro VC fund, as per a statement.

With this fundraise, the fund’s minimum target size of $15 million has been increased, demonstrating an overall enthusiasm for impact investing opportunities in India.

The funds will be invested in startups operating in sectors including healthcare, education, agriculture, skill development/livelihoods, technology and basic necessities. Unitus Seed Fund has already announced 13 investments in the country.

New institutional investors include Michael & Susan Dell Foundation, Lemelson Foundation, Deshpande Foundation and Wadhwani Foundation. New individual investors include Amazon executive Diego Piacentini; Microsoft executives Soma Somasegar, Bharat Shah, Anoop Gupta and Nagesh Pabbisetty; Social Venture Partners leaders Todd Vogel and Lance Fors; financial services executive Geeta Aiyer; McKinsey executive Dilip Wagle and Concur Technologies’ CEO Steve Singh.

“We believe that there is a great opportunity to invest in a new generation of entrepreneurs who are building disruptive new businesses serving the one billion under-served low-income market in India,” said Dave Richards, co-founder and managing partner of Unitus Seed Fund.

Unitus is not accepting any new investors into its dollar-denominated seed fund. However, its affiliated India-based rupee-denominated seed fund is accepting investments from Indian nationals and non-resident Indians until December.

Last year, TV Mohandas Pai, former Infosys board member, and Ranjan Pai, CEO of Manipal Education and Medical Group, committed $1 million each to the Unitus fund. Other Indian investors include DSP Blackrock chairman Hemendra Kothari and former Microsoft India chairman Ravi Venkatesan.

Unitus has invested in 13 startups including Addresshealth, a paediatric healthcare clinic, mGaadi, a mobile solution for booking autorickshaws, Caravan Craft, which sells contemporary merchandise from traditional Indian artisans, and Hippocampus Learning Centres, which provide pre-school and after school tutoring programs for children.

(Edited by Joby Puthuparampil Johnson)


Leave Your Comment
Bill Gates commit money to Unitus' offshore fund; Rupee fund bags $4M more

Bill Gates commit money to Unitus’ offshore fund; Rupee fund bags $4M more

Sainul K Abudheen 3 years ago
Impact investor Unitus Seed Fund (USF) has announced that its India-focused...
Unitus, Capria approach fundraising milestones for new funds

Unitus, Capria approach fundraising milestones for new funds

Bruhadeeswaran R 1 year ago
India-focused early-stage investor Unitus Seed Fund is looking to mark the first...
Unitus' new fund strikes four deals despite delay in first close

Unitus’ new fund strikes four deals despite delay in first close

Joseph Rai 2 months ago
Impact investment firm Unitus Seed Fund has already struck four deals from its...
No Comments

Unitus Seed Fund gets additional commitment; corpus moves to $20M

Powered by WordPress.com VIP