Longshot Capital: Unacademy Founders' ₹700 Cr AI Fund

Unacademy cofounders Gaurav Munjal and Roman Saini are raising a ₹700 Cr venture fund, Longshot Capital, to back AI and deeptech startups. The Category II AIF has secured commitments of around ₹250-300 Cr and is targeting a first close in January 2027, ET reported, citing sources.

Munjal and Saini declined to comment on the development. The fund’s prospective investors include startup founders, family offices and overseas institutions.

Longshot Capital is based in Bengaluru and plans to invest in 25-28 startups at the seed and pre-Series A stages. Initial cheques will range from $500,000 to $1.5 Mn, for a targeted ownership stake of 8-12%.

The fund plans to deploy its capital over three years and will back India-based startups as well as companies founded by entrepreneurs of Indian origin. Its mandate covers AI-led businesses and deeptech segments such as manufacturing, space, defence and robotics, rather than consumer brands and retail businesses.

Saini will run the fund full-time, while Munjal will be involved part-time alongside his role heading Unacademy. Both will serve as general partners.

The fund formalises more than a decade of angel investing by Munjal and Saini. The two have collectively invested over ₹25 Cr through more than 200 angel cheques in companies including Pine Labs, Dhan, Seekho, Ultrahuman, Snabbit, Swish, STAGE and Third Wave Coffee.

The fund will have a lifespan of 10-11 years, allowing it to back businesses with longer gestation periods, particularly in AI and deeptech, according to the report.

The proposed fund comes amid growing investor interest in frontier technologies, with Indian AI startups raising $438 Mn across 28 deals in the third quarter of 2026, up 265% YoY. Deeptech startups raised $290 Mn across 28 deals during the same period, up 176% YoY.

The move adds Munjal and Saini to a growing group of startup founders transitioning from personal angel investments to institutional fund management. Snapdeal cofounders Kunal Bahl and Rohit Bansal raised ₹333 Cr in external capital for Titan Capital in 2024, and Freshworks founder Girish Mathrubootham cofounded the AI-focused Together Fund.

The development comes after upGrad completed its acquisition of Unacademy in an all-stock transaction valuing it at ₹1,955 Cr, more than 90% below its peak valuation.