Unitus Ventures (formerly the Unitus Seed Fund), has announced that it has raised INR100 crore (more than $15 million) in support of early-stage impact efforts in India.
Investors in the organization's second impact-focused fund include the Michael and Susan Dell Foundation, Bill Gates, Hemendra Kothari, Ajay Parekh, Pradeep Singh, Pramod Saxena, Padma Chandrasekaran, and Ravi Venkatesa. The fund, which expects to close with $46 million on hand, will invest in twenty-five to thirty startups in the areas of health care, education, and inclusive financial technology. Established in 2012, Unitus Ventures closed its first fund in 2013 and subsequently invested in twenty-three startups. According to Unitus officials, that fund's fourteen active investees have directly impacted more than 1.2 million low-income people in India and, in 2017, delivered 102 percent growth to investors.
"The opportunity to bring together private capital and market-based principles for social change is significant," said Gates, co-chair of the Bill & Melinda Gates Foundation. "I'm optimistic about the growth prospects in India and am pleased to invest again with Unitus."