Unacademy Founders Launch ₹700 Cr AI and Deeptech Fund Longshot Capital With ₹300 Cr Committed

Unacademy Founders Launch Longshot Capital to Back AI and Deeptech Startups

Gaurav Munjal and Roman Saini, the Unacademy founders behind one of India's most recognized edtech platforms, are raising Longshot Capital, a ₹700 crore venture capital fund focused on AI and deeptech startups1

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. The move comes less than two months after UpGrad completed its acquisition of Unacademy in an all-stock transaction valuing the edtech company at ₹1,955 crore, a steep decline from its peak valuation of $3.4 billion in August 20212

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. Registered as a Category II AIF, Longshot Capital has already secured commitments of approximately ₹300 crore and is targeting its first close in January 2027, after which it plans to begin deploying capital1

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Investment Strategy Targets Seed and Pre-Series A Stages

The Bengaluru-based fund plans to invest in 25-28 startups at the seed and pre-Series A stages, writing initial cheques ranging from $500,000 to $1.5 million with a targeted ownership stake of 8-12%2

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. Longshot Capital will deploy its capital over three years, focusing on India-based startups as well as companies founded by entrepreneurs of Indian origin2

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. The investment mandate spans AI-driven startups and deeptech segments including manufacturing, space, defense, and robotics, deliberately avoiding consumer brands and retail businesses2

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. With a lifespan of 10-11 years, the fund is structured to back businesses with longer gestation periods, particularly in AI and deeptech sectors that require patient capital2

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From Angel Investing to Institutional Fund Management

Longshot Capital formalizes more than a decade of angel investing by Munjal and Saini, who have collectively deployed over ₹25 crore through more than 200 angel cheques in companies including Pine Labs, Dhan, Seekho, Ultrahuman, Snabbit, Swish, STAGE, and Third Wave Coffee2

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. In August, the duo also invested in Superleap, an AI-native customer relationship management platform2

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. Saini will run Longshot Capital full-time, while Munjal will be involved part-time alongside his role heading Unacademy, with both founders serving as general partners of the investment firm2

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. The fund's prospective investors include startup founders, family offices, and overseas institutions2

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Growing Investor Interest in Investments in AI and Deeptech

The launch of this ₹700 crore venture capital fund comes amid surging investor interest in frontier technologies. Indian AI startups raised $438 million across 28 deals in the third quarter of 2026, marking a 265% year-over-year increase2

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. Meanwhile, deeptech startups raised $290 million across 28 deals during the same period, up 176% year-over-year2

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. Munjal recently pushed back on criticism against the risk appetite of Indian deeptech investors, highlighting on X that startups like Astrobase, Airbound, and Sarvam AI have been able to raise large rounds in short time periods2

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. He also noted that consumer tech companies like Groww, Eternal, and Meesho have provided "spectacular outcomes" after going public in recent years2

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Joining a Growing Cohort of Founder-Led Funds

The move adds Munjal and Saini to a growing group of startup founders transitioning to institutional fund management. Snapdeal cofounders Kunal Bahl and Rohit Bansal raised ₹333 crore in external capital for Titan Capital in 20242

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. Freshworks founder Girish Mathrubootham cofounded the AI-focused Together Fund, while CaratLane founder Mithun Sacheti joined Singularity Growth as a general partner after his exit2

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. Myntra founder Mukesh Bansal operates venture studio Meraki Labs2

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. Founded in 2015 by Munjal, Saini, and Hemesh Singh, Unacademy started as a YouTube channel before evolving into an online learning platform focused on competitive exam preparation, raising around $880 million from investors including SoftBank, Peak XV Partners, Elevation Capital, General Atlantic, Temasek, and Tiger Global2

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. The startup became a unicorn in September 2020 and reached its peak valuation of $3.5 billion in 2021 during the pandemic-led boom in edtech investments2

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