Mumbai-based early-stage VC firm Unicorn India Ventures has partnered with British counterpart Ascension Ventures to float a cross-border evergreen fund — Unicorn Ascension EIS Fund.
EIS stands for Enterprise Investment Scheme and EIS Funds are managed portfolios of individual Enterprise Investment Scheme (
EIS Funds are required to raise and invest the amount in one year, which means they have to raise an amount every year and deploy it in the same period. This is thus called an evergreen fund.
This cross-border fund will support UK-based startups looking to enter the Indian market. Nina Amin, head of Asian Markets and partner, KPMG UK, will be the chair of the Investment Committee.
The fund is structured as an open-ended enterprise investment scheme fund and aims to raise up to £5 Mn, or about $6.6 Mn (INR 45 Cr), per year.
It will be investing in six to eight startups in the pre-Series A stage, building products and services relevant to the Indian market. Startups that are B2B or B2G will be evaluated for investment under this fund.