New Delhi, Feb. 10 -- India's venture capital narrative is quietly changing. After more than a decade dominated by consumer internet, SaaS, and fintech, investors are beginning to recalibrate expectations around timelines, capital intensity, and enterprise participation. The final close ofUnicorn India Ventures' third fund at INR 1,200 crore, above its original target, offers a window into that shift.

Rather than signalling a return to aggressive cheque-writing, the fund structure points to a more deliberate approach. With a majority of capital reserved for follow-on rounds and a sharper focus on semiconductors, quantum sensing, defence tech, and spacetech, the strategy reflects growing comfort with long gestation cycles and complex depl...