India-based investment firm Venture Catalysts’ startup accelerator scheme 9Unicorns has reached a $50m fourth close for a debut fund featuring various corporate backers, the Economic Times reported yesterday.
Packaged food providers Haldiram’s and Parakh Foods were among the limited partners that have backed the close, as was infrastructure machinery manufacturer Puzzolana Group, state-owned financial services firm Indian Bank and Chona Family Office.
9Unicorns provides about $150,000 per deal in exchange for an equity stake sized at between 5% and 7%, operating on a sector-agnostic basis. It has an active portfolio of 59 companies at a $420m collective valuation and intends to back 150 startups in the next year.
Haldiram’s had already backed the fund’s second close in February this year before returning for a third two months later also featuring Indian Bank and Chona Family Office. Its earlier LPs include power generation group OPG Group and shipping agency MBG Group.
