Business

Haldirams participates in 9Unicorns’ second-close

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BENGALURU: Indian sweets and snacks manufacturer Haldirams participated in the second close of Rs100 crore of accelerator fund 9Unicorns, which looks to invest in early-stage Indian startups.

The second close, which saw participation from Indian industrialists and businesses, has led to 9Unicorns now increasing its corpus target to Rs500 crore for its ongoing fundraise, exercising a green-shoe option.

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9Unicorns, the accelerator fund of startup incubation platform, Venture Catalysts announced its first close of Rs100 crore in August last year, totalling the fund size to Rs200 crore, at present.

“Our investment in 9Unicorns weaves well with our ideology of active contribution to the coming of age startup universe in India. With this collaboration we look forward to partnering actively with the 9Unicorns team to bear our experiences and mentoring the innovative digitally run 9unicorns investees,” said Kamal Agrawal, executive director, Haldiram Foods International Ltd.

9Unicorns is looking to raise the entire amount of Rs500 crore over the next few months from multiple corporations, family offices, and institutions globally. The fund plans to write the first external cheque in over 100 early-stage startups across segments of deeptech, software-as-a-service (SaaS), fintech, insurtech, healthtech, and edtech, among others.

“Last year was indeed a great year for the startup ecosystem that witnessed the creation of 11 unicorns. As a fund, we aim to back early-stage companies that have the potential to become billion-dollar companies in the future. I anticipate the number of unicorns in India will grow 4x, from 44 today in the next few years that provides several investors with an opportunity to be a supporting agent and ensure multiple X returns from this emerging asset class,” said Apoorva Ranjan Sharma, co-founder of Venture Catalysts.

Last year, 9Unicorns invested in over 32 startups, and looks to invest around $1,00,000 for 5-7% equity per startup at the idea stage.

9Unicorns is currently backed by several limited partners from across ten countries, as well as family offices of The OPG Group, The MBG Group, Parakh Foods, Qualcon International, UB Cotton, along-with top executives from SAP, Linkedin, Quest Global, AB InDev, Fujitsu, along with other startup founders.

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