Unacademy Cofounders Launch ₹700 Crore AI and Deeptech Venture Fund

Unacademy cofounders Gaurav Munjal and Roman Saini are establishing a ₹700 crore venture capital fund named Longshot Capital. The firm will focus on investments in artificial intelligence and deeptech startups, according to reports citing sources familiar with the matter.

Investment Strategy and Fund Details

The Category II Alternative Investment Fund has secured commitments between ₹250 crore and ₹300 crore. It targets a first close by January 2027. Longshot Capital plans to invest in 25 to 28 companies at the seed and pre-Series A stages. The fund intends to issue initial checks ranging from $500,000 to $1.5 million, aiming for ownership stakes between 8% and 12%.

Saini will manage the fund full-time, while Munjal will maintain his leadership role at Unacademy while serving as a part-time general partner. The fund will deploy capital over three years with a total lifespan of 10 to 11 years. Its mandate includes India-based startups and companies led by entrepreneurs of Indian origin. Investment areas include manufacturing, space, defense, and robotics, excluding consumer brands and retail.

Context and Market Trends

The launch follows a decade of angel investing by Munjal and Saini, who have collectively deployed over ₹25 crore across 200 deals. Their portfolio includes investments in Pine Labs, Third Wave Coffee, and Superleap. The new fund formalizes these personal investment activities into an institutional structure.

This development occurs as investor interest in frontier technologies rises in India. During the third quarter of 2026, Indian AI startups raised $438 million, a 265% year-on-year increase. Deeptech startups raised $290 million during the same period, representing a 176% increase. The fund’s creation follows the recent all-stock acquisition of Unacademy by upGrad.