100Unicorns, India’s largest early-stage accelerator venture capital (VC) fund, has announced Abu Dhabi, as its first foreign market expansion with the opening of its office in ADGM, the international financial centre of Abu Dhabi. 

 

Formerly known as 9Unicorns, 100Unicorns was launched in 2020 with the vision to nurture and create 50+ category leaders and now has a new fund target of $200 million. 

 

Motivated by the UAE's strategic position as a gateway to the broader Mena region, 100Unicorns aims to create a highly curated cross-border corridor between India and the larger region for enabling startup investments, acceleration, incubation and further development of the India and UAE startup ecosystem. 

 

Key milestone

Dr Apoorva Ranjan Sharma, Managing Director and Founder of 100Unicorns, said: "It is a significant milestone in our journey to bring the best of India’s vibrant startup ecosystem to global investors. By establishing our fund within ADGM, we aim to open doors for Mena investors to access high-growth opportunities in India with the assurance of top-notch corporate governance and transparency."

 

Manoj Aheeray, Global Partner & SEO with 100Unicorns, said: “ADGM's proactive support and world-class regulatory framework have been instrumental in facilitating 100Unicorns’ launch in the UAE, providing the guidance and resources necessary to integrate seamlessly into the region’s financial and business ecosystem. 

 

“Our foray into this market not only aligns with our growth strategy but also strengthens the historic ties between India and the UAE, fostering cross-border collaboration and innovation.”

 

Arvind Ramamurthy, Chief Market Development Officer at ADGM, stated: "ADGM’s robust regulatory framework, world-class infrastructure, and strategic positioning create an ideal environment for financial institutions like 100Unicorns to thrive. The establishment of 100Unicorns highlights the increasing flow of capital into high-growth sectors, reinforcing the UAE's status as a global hub for innovation and entrepreneurship.” 

 

Startup landscape

Hanumantha Kumar Mannem, Advisor of 100Unicorns, said: “As of 2024, the Indian startup ecosystem has been experiencing remarkable growth, with an increasing number of startups and unicorns emerging. India is home to over 100,000 startups. Looking ahead to 2030, it is anticipated that India's startup landscape will continue to flourish, with projections suggesting the creation of over a million startups with about 500 more unicorns.”

 

“This growth is attributed to factors such as favourable government policies, a burgeoning tech-savvy population, and increasing investment inflows. While the US remains a global leader in the startup domain, India's rapid progress signifies its potential to become a major player in the global startup ecosystem,” Aheeray said. 

 

With the rebranding to 100Unicorns and the new target fund, Dr Sharma’s vision is to nurture a pool of at least 100 outlier startups or soonicorns and propel them to join the billion-dollar club over the next decade. In its previous avatar, the accelerator provided funding ranging from $300,000 to $1 million per startup in the first round. This was followed by $500,000 to $2 million in subsequent rounds with co-investors. 

 

The expansion into the Mena region will prove significant for the Indian startup economy which has recorded a 15-fold jump in startup funding between 2015 and 2022. India is now the third largest startup ecosystem in the world with more than 110,000 startups across its geographies (data from the India Department for Promotion of Industry and Internal Trade). The country is home to 111 unicorns with a valuation of $350 billion at last count.

 

Leading VC fund

100Unicorns has established itself as a leading VC fund by providing not just financial investments but also holistic support, including mentorship, acceleration services, and strategic guidance to startups from the ideation phase. 

 

Since its inception in 2020, 100Unicorns has played a pivotal role in India’s startup ecosystem, having invested in 145 companies, with six achieving valuations above $200 million and 30 surpassing $50 million within just three years. Their unique value proposition combines funding with access to a network of successful founders, industry veterans, and global advisors, catalysing growth for startups and driving substantial returns for investors.

 

To address common concerns related to investing in the Indian market, 100Unicorns has implemented a series of measures, including a curated corporate governance framework, transparent investment processes, and quarterly performance updates.--TradeArabia News Service