Unicorn India Ventures lands in the US with ex-Google exec in tow

By Nathan Brooks

Unicorn India Ventures has launched US operations and hired former Google executive Kishore Kanakamedala as venture partner to lead the push. The move gives the Mumbai firm a permanent foothold in the world's largest venture market — and a direct channel for its 54 Indian deep-tech portfolio companies into America.

The timing isn't accidental. UIV hit the first close of the IIT Madras–Unicorn Frontier Fund I at ₹450 crore within three months of regulatory approval, and the firm said it saw substantial interest from US investors during fundraising. That's roughly $54 million committed in a single quarter — fast by any fund's standard, and a signal that American capital wants exposure to Indian deep tech.

Bhaskar Maumdar, founder and managing partner of Unicorn India Ventures, framed the expansion as the logical next step after the firm closed its third fund at ₹1,200 crore earlier this year.

"With the record speed at which we hit the first close of the IITM Unicorn Frontier Fund I, getting a seasoned executive like Kishore was the path forward," Maumdar said. He added that he had known Kanakamedala for several years and that the new venture partner had previously invested in Unicorn funds.

What does the US beachhead actually do?

Under Kanakamedala, UIV plans to build a team of mid- to senior-level operator-investors stateside. Their remit: develop industry networks, support portfolio companies in international expansion, and raise the visibility of India's deep-tech ecosystem among US investors.

The operations aim to establish a more active co-investment ecosystem and give the firm closer access to global technology markets. Practically, that means helping founders establish an initial US market presence and advance their technology readiness and commercialisation. UIV also intends to use its presence to connect Indian companies with investors who can participate in future funding rounds.

Kanakamedala's mandate is broad. "As a Venture Partner, my mandate is clear – invest in builders solving hugely impactful deep tech problems, help our portfolio companies enter in the US, build the investor base, and also be the fountainhead of the developments taking place in the US and globally to enable steep knowledge growth of the enterprising investment team based in India," he said.

He argues the underlying conditions are right: India's deep-tech ecosystem is gaining momentum as product-led companies emerge, government policies become more supportive, and access to risk capital improves.

The numbers behind the bet

UIV, founded in 2016, is an early-stage investor focused on Indian companies building products around intellectual property. It typically writes cheques of ₹10 crore to ₹25 crore per company — roughly $1.2 million to $3 million — and manages about US$350 million across its funds.

Its 54 portfolio companies span semiconductors, space, defence, healthcare, robotics and agritech. Names include Open Bank, Olyv, TakeMe2Space, Orbitaid, Nava, Satleo Labs, Netrasemi, Vervesemi, EyeROV and Genrobotics.

The flagship vehicle behind the expansion is the IITM Unicorn Frontier Fund I, launched in 2026. It's a ₹1,000 crore SEBI-registered alternative investment fund — about $120 million — set up in strategic partnership with IIT Madras and IIT Madras Research Park. The ₹450 crore first close marks a further step in the firm's deep-tech push.

What does this change for founders and LPs?

For portfolio founders, the answer is fairly concrete: a US entry point that comes with operator experience rather than a consultant's slide deck. They get help navigating US market requirements plus introductions to potential investors and technology partners.

For US investors, the change is access. UIV is explicitly courting those who saw the Frontier Fund's fundraising momentum and want co-investment exposure to Indian IP-led companies before those startups price their US expansion in.

The operator-investor network, once built, could also sharpen UIV's own deal selection — Kanakamedala's knowledge-sharing mandate explicitly targets the India-based investment team.

The bet now is execution: whether a small US team can convert a ₹450 crore first close and warm American interest into durable transatlantic deal flow.