Former Unacademy co-founders Gaurav Munjal and Roman Saini have launched Longshot Capital, a Rs 700 crore venture fund targeting early-stage AI and deeptech startups. The fund has already secured over Rs 250 crore, marking a strategic shift for the duo into managing external capital following the recent acquisition of Unacademy by upGrad.
Gaurav Munjal and Roman Saini, the co-founders of the ed-tech company Unacademy, have announced the launch of Longshot Capital. This is a new venture capital firm with a target fund size of Rs 700 crore. The firm has already managed to secure commitments of approximately Rs 250 to 300 crore. This move marks their transition from building a consumer-facing ed-tech startup to managing money for other investors.
Focus on Deeptech and AI
Unlike their previous focus on education services, Longshot Capital plans to invest specifically in early-stage startups that work with artificial intelligence, robotics, defense, and space technology. The firm intends to build a portfolio of 25 to 28 companies in the seed or pre-Series A stages. They plan to invest between $500,000 and $1.5 million in each startup, aiming for an ownership stake of 8% to 12%.
For investors, it is important to note that deeptech and hardware-focused startups usually take much longer to become profitable compared to software or consumer apps. These companies often require years of research and development before they can bring a product to market. As a result, the fund is structured to operate over a 10-11 year lifecycle to give these businesses enough time to grow. This long-term horizon is a key characteristic of the strategy.
Context of the Unacademy-upGrad Merger
This launch comes shortly after the acquisition of Unacademy by upGrad on September 1, 2026. That deal was valued at roughly $200 million in an all-stock transaction. Industry observers have noted that this valuation was significantly lower than the company's peak valuation of $3.44 billion in 2021. The founders are now part of a growing trend in the Indian startup ecosystem where experienced entrepreneurs move from operating businesses to becoming investors themselves.
Risks and Execution Challenges
Investors looking at this sector should understand the risks involved in deeptech. Unlike consumer internet companies that can scale quickly with marketing, deeptech ventures face a high risk of project delays and cost overruns. The success of this fund will largely depend on the founders' ability to pick the right technology and provide support through the long development phase. Because deeptech solutions are complex, they often carry a higher risk of failing to reach commercial viability. The fund managers, Munjal and Saini, have previously been active as individual angel investors, having invested in over 200 deals, which they hope will help in spotting promising opportunities.
The firm has tentatively scheduled its first close for January 2027. Investors will be monitoring how the fund manages to balance its portfolio between high-risk experimental technology and companies that can reach a commercial stage sooner.