Unacademy co-founders Gaurav Munjal and Roman Saini are planning to launch a Rs 700 Cr venture capital fund focused on artificial intelligence and deep technology startups, according to an Economic Times report. The proposed fund, named Longshot Capital, is targeting its first close in January 2027.
The fund has reportedly secured commitments of around Rs 250 crore to Rs 300 crore so far. Munjal and Saini have declined to comment publicly on the development, so the fund size, commitments and launch timeline should be treated as reported plans rather than a completed fundraising announcement.
Longshot Capital intends to back early stage businesses working in AI, manufacturing, space, defence and robotics. The move would take the founders beyond personal angel investing into institutional fund management at a time when investors are paying greater attention to India’s AI and deeptech ecosystem.
Longshot Capital: Fund Size, Strategy and Investment Plans
According to the report, Longshot Capital is being structured as a Category II Alternative Investment Fund (AIF). It plans to invest in around 25-28 startups at the seed and pre-Series A stages, with initial cheques of $500,000 to $1.5 million and a target ownership stake of 8–12%.
The fund reportedly aims to deploy capital over three years and operate over a 10-11 year lifespan, giving portfolio companies time to develop products and build businesses in sectors where commercialisation can take longer.
Its investment mandate is expected to cover India-based startups and businesses founded by entrepreneurs of Indian origin. The proposed focus excludes consumer brands and retail, concentrating instead on technology-led businesses.
Founders’ Angel Investing Experience Behind Longshot Capital
Munjal and Saini are not new to startup investing. The pair have reportedly invested more than Rs 25 crore across over 200 angel investments, backing companies including Pine Labs, Dhan, Ultrahuman, Snabbit, STAGE, Swish, Seekho and Third Wave Coffee. They also invested in AI-native CRM startup Superleap in August 2026.
Under the proposed structure, Saini is expected to run Longshot Capital full-time, while Munjal will be involved part-time alongside his role leading Unacademy within upGrad. Both are expected to serve as general partners.
Moving from personal angel cheques to a pooled fund changes the nature of the job. Longshot will need to manage external investor commitments, build a repeatable investment process and support a portfolio of companies over a longer period. Its proposed 8-12% ownership target also suggests a hands-on early-stage strategy rather than small, passive investments.
Longshot Capital Comes After Unacademy’s Acquisition by upGrad
The fund plan follows upGrad’s acquisition of Unacademy, completed in September 2026 through an all stock transaction valuing the edtech company at just over $200 Mn more than 90% below its peak valuation of around $3.4 Bn in 2021. Munjal continues to lead Unacademy’s businesses within upGrad.
Founded in 2015 by Munjal, Saini and Hemesh Singh, Unacademy grew from an educational YouTube channel into a major online learning platform. Its acquisition came after a difficult period for edtech, marked by slower online-learning demand, cost reductions and consolidation.
Longshot Capital would represent a new chapter for the founders: deploying capital across technology businesses rather than building a single operating company. Its success will depend on selecting startups that can turn ambitious technical ideas into products with real customers and defensible businesses.
AI and Deeptech Funding Draws Investor Attention
The proposed fund comes as investor interest in frontier technology grows. Inc42 reported that Indian AI startups raised $438 Mn across 28 deals in Q3 2026, while deeptech startups raised $290 Mn across 28 deals during the same period. These are reported quarterly figures, not forecasts of future funding.
Longshot’s focus on manufacturing, space, defence and robotics could expose it to companies with longer development cycles and greater technical demands than many consumer internet businesses. Its proposed 10-11 year fund lifespan is designed to accommodate that timeline.
For founders working in these sectors, a fund led by operators with experience building and backing startups could offer another source of early-stage capital. For Longshot’s investors, the test will be whether the team can identify strong technical founders, help them reach commercial milestones and deliver returns over the life of the fund.
