Unacademy Cofounders Plan ₹700 Cr AI, Deeptech Fund

Unacademy cofounders Gaurav Munjal and Roman Saini are raising ₹700 Cr for Longshot Capital, a venture fund focused on AI and deeptech startups

The fund plans to back 25-28 early-stage startups across AI, manufacturing, space, defence and robotics, with an investment horizon suited to longer technology-development cycles

Longshot Capital has secured commitments of ₹250-300 Cr and plans to write initial cheques of $500,000 to $1.5 Mn, targeting its first close in January 2027

Named Longshot Capital, the Category II AIF has secured commitments of around ₹250-300 Cr and is targeting its first close in January 2027, ET reported, citing sources.

Munjal and Saini declined to comment on the development.

The Bengaluru-based fund plans to invest in 25-28 startups at the seed and pre-Series A stages, with initial cheques of $500,000 to $1.5 Mn and a targeted ownership stake of 8-12%.

Saini will run Longshot Capital full-time, while Munjal will be involved part-time alongside his role heading Unacademy. Both founders will serve as general partners of the investment firm.

The fund plans to deploy its capital over three years and will invest in India-based startups as well as companies founded by entrepreneurs of Indian origin. Its investment mandate will span AI-led businesses and deeptech segments such as manufacturing, space, defence and robotics, rather than consumer brands and retail businesses, the report said.

The fund will have a lifespan of 10-11 years, allowing it to back businesses with longer gestation periods, particularly in AI and deeptech, according to the report. Its prospective investors include startup founders, family offices and overseas institutions.

The fund formalises more than a decade of angel investing by Munjal and Saini. The two have collectively invested over ₹25 Cr through more than 200 angel cheques in companies including Pine Labs, Dhan, Seekho, Ultrahuman, Snabbit, Swish, STAGE, and Third Wave Coffee.

In August, the duo also invested in Superleap, an AI-native customer relationship management platform.

The proposed fund comes amid growing investor interest in frontier technologies, with Indian AI startups raising $438 Mn across 28 deals in the third quarter of 2026, up 265% YoY. Meanwhile, deeptech startups raised $290 Mn across 28 deals during the same period, up 176% YoY.

The move adds Munjal and Saini to a growing group of startup founders transitioning from personal angel investments to institutional fund management.

Snapdeal cofounders Kunal Bahl and Rohit Bansal raised ₹333 Cr in external capital for Titan Capital in 2024. Freshworks founder Girish Mathrubootham cofounded the AI-focused Together Fund, while CaratLane founder Mithun Sacheti joined Singularity Growth as a general partner after his exit. Myntra founder Mukesh Bansal operates venture studio Meraki Labs.

The latest development comes over a month after upGrad acquired Unacademy in an all-stock transaction valuing it at ₹1,955 Cr, more than 90% below its peak valuation of $3.4 Bn in August 2021.