The fund will be investing in 40 startups over a tenure of two year. It will be investing INR 50 lakh and INR 1 Cr. in the startups.
It has raised funding from US-based foundations including Deshpande Foundation, Michael & Susan Dell Foundation, Lemelson Foundation, Sorenson Impact Foundation, Wadhwani Foundation. Its new individual investors include Amazon executive Diego Piacentini, Microsoft executives Soma Somasegar, Bharat Shah, Anoop Gupta and Nagesh Pabbisetty, among others.
In furtherance to that, Unitus Seed Fund is looking to raise additional $5 Mn in funding in a few months.
Unitus has previously invested in startups including mGaadi, Caravan Craft, etc. In total it has invested in thirteen startups.
In 2013, TV Mohandas Pai, former Infosys board member, and Ranjan Pai, CEO of Manipal Education and Medical Group rendered $1 Mn each to Unitus Seed Fund.