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Unicorn India Ventures has closed its third fund at Rs 1,200 crore, exceeding its initial target of Rs 1,000 crore. The fund is dedicated to investments in semiconductors, spacetech, and AI infrastructure, with plans for 20 investments averaging Rs 10-15 crore each.

It has already seen early success, with seven to eight portfolio companies attracting significant follow-on rounds. Approximately 33% of the fund's capital comes from international limited partners, primarily from the US, many of whom are new to the Indian startup scene.

The firm emphasizes a focus on AI infrastructure over AI applications, citing a portfolio that includes companies involved in quantum computing and nuclear micro power generation. Across its three funds, Unicorn has invested in nearly 50 companies with a combined valuation of around $5 billion.