A new well of early-stage capital may be on the way for India’s coming crop of AI and deep-tech startups. Gaurav Munjal and Roman Saini, co-founders of Unacademy, are in the process of raising a ₹700 crore venture fund, Longshot Capital, to put money behind emerging technologies and strategic fields like artificial intelligence, manufacturing, space, defence and robotics.
Some three months out from upGrad’s acquisition of Unacademy, the founders have made a major change of course to back other entrepreneurs. With some ₹300 crore in commitments already in hand, the fund is set for its first close in January 2027, after which investments will get under way and provide an opening for early-stage founders to raise funds.
Longshot Capital: An Early-Stage Fund for AI and Deep-Tech Startups
Headquartered in Bengaluru, Longshot Capital is a Category II Alternative Investment Fund (AIF). The strategy is to put seed and pre-Series A startups at the centre of its portfolio, which is slated to comprise 25 to 28 companies. Initial cheques will run from $500,000 to $1.5 million for an 8 to 12 per cent stake in a given firm. For those in sectors where product testing and scaling demand heavy investment, this is a chance to get institutional backing sooner rather than later. The size of the planned portfolio suggests a preference for a concentrated group of startups over a wide dispersal of capital.
From Startup Founders to Venture Capital Backers
Roman Saini will take the helm at Longshot Capital on a full-time basis to handle operations and call the shots on investments. Gaurav Munjal will be part-time in the role as he carries on as CEO of Unacademy. Between them they have the pedigree of angel investors, having put down more than ₹25 crore in over 200 deals. It is a case of moving from building one’s own business to lending support to the next round of founders.
What Longshot Capital Could Mean for India’s AI and Deep-Tech Ecosystem
With India putting more stock in AI and deep-tech innovation as well as in manufacturing and defence, Longshot Capital’s focus is timely. Startups in these areas need that early funding to make viable businesses of their technology. Should the fund hit its ₹700 crore mark, it will be a new name in the Indian AI and deep-tech VC scene alongside the likes of Peak XV Surge, Accel and Blume Ventures. The test for Longshot Capital will be whether it can put the founders’ experience to good use for India’s more ambitious tech companies.
