India, Sept. 26 -- IIT Madras, IIT Madras Research Park (IITMRP), and Unicorn India Ventures have announced the first close of their deeptech-focused IITM Unicorn Frontier Fund I at Rs.450 Cr (about $46.9 Mn).

The fund has already deployed nearly Rs.55 Cr across four startups - Hathor, Quanastra, Triolt Energy, and Carbelim.

Launched in February, the fund has a base corpus of Rs.600 Cr and a Rs.400 Cr greenshoe option, allowing it to raise up to Rs.1,000 Cr (about $104.4 Mn). It is targeting a final close by December 2026.

The fund's backers include IIT Madras alumni and family offices, with institutional investors and banks expected to participate by the final close.

Managed by Unicorn India Ventures, the fund aims to build a portfol...