Gaurav Munjal and Roman Saini Launch Rs 700 Crore VC Fund

Unacademy co-founders Gaurav Munjal and Roman Saini are embarking on a new venture by establishing Longshot Capital, a venture capital fund with a target of Rs 700 crore. This initiative aims to support early-stage startups in the fields of artificial intelligence and deep technology. The fund is officially registered as a Category II alternative investment fund and has already secured commitments of approximately Rs 250-300 crore, which is about 36-43% of its overall goal. The first closing of the fund is anticipated in January 2027, although these figures may evolve as fundraising progresses.

This move comes shortly after upGrad's acquisition of Unacademy, which was finalized on September 1 in an all-stock deal valued at over $200 million. The acquisition process was lengthy, taking nearly a year, and followed several negotiations regarding valuation. Unacademy, originally launched as a YouTube channel, transitioned into a formal edtech platform in 2015, focusing on competitive exam preparation. However, the company faced challenges post-pandemic, leading to layoffs and strategic shifts before its sale.

Longshot Capital plans to invest in 25-28 startups at the seed and pre-Series A stages, with initial investments ranging from $500,000 to $1.5 million, aiming for an ownership stake of 8-12% in each venture. The fund's investment strategy excludes consumer brands and retail businesses, concentrating instead on sectors such as manufacturing, space, defense, and robotics. The fund will deploy its capital over three years and will also consider startups founded by individuals of Indian origin operating internationally.

Both Munjal and Saini will serve as general partners of Longshot Capital, with Saini taking a full-time role while Munjal balances his responsibilities as CEO of Unacademy. Their foray into venture capital formalizes over a decade of personal angel investing, during which they have collectively invested more than Rs 25 crore in over 200 startups, including notable names like Pine Labs and Ultrahuman. Recently, they invested in Superleap, an AI-driven customer relationship management platform.

As they transition into this new role, Munjal has addressed criticisms regarding the risk appetite of Indian deeptech investors, citing successful funding rounds for startups like Astrobase and Airbound. This venture positions them alongside other Indian founders who have shifted from personal investments to managing external funds, reflecting a growing trend in the Indian startup ecosystem. The establishment of Longshot Capital marks a significant step in their entrepreneurial journey, with the potential to influence the future of technology startups in India.