Early-stage venture capital firm Unicorn India Ventures has signed Federal Bank as the anchor limited partner (LP) for its Rs 600-crore venture debt fund.
The fund, launched last November, is expected to announce its first close this quarter.
"In Federal Bank, we have an ideal Anchor LP for our venture debt fund. We seek to establish a complete 360-degree relationship with our anchor for mutual benefit," M Damodaran, chairman, Unicorn India Debt Fund, was quoted as saying in a release Monday.
The venture debt fund would look to invest in up to 12 startups every year with the investments likely to begin in the third quarter of the financial year, the release said.
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