Unacademy cofounders Gaurav Munjal and Roman Saini are raising a ₹700 Cr venture capital fund to back AI and deeptech startups, less than two months after upGrad completed the acquisition of the edtech startup. 

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. 

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.

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