New Delhi, Sept. 28 -- India's push to turn university-led research into commercial deeptech companies is getting a new pool of capital. The IITM Unicorn Frontier Fund - I, has reached a first close of Rs.450 crore and has already deployed nearly Rs.55 crore across four startups working in space propulsion, quantum technology, advanced batteries and carbon capture.

The fund, jointly anchored by IIT Madras, IIT Madras Research Park and Unicorn India Ventures, announced the first close in the presence of Finance Minister Nirmala Sitharaman. It was originally announced in February 2026 with a targeted corpus of Rs.1,000 crore, including a Rs.400 crore greenshoe option.

The Rs.450 crore first close was reached within three months of receivi...