India’s 100Unicorns Taps Into UAE Market
The early-stage accelerator plans to facilitate cross-border investments through its new office in ADGM.
100Unicorns, India’s largest early-stage startup accelerator has expanded into the UAE with the launch of its office in the Abu Dhabi Global Market (ADGM). This move marks the accelerator’s first international expansion and is aimed at strengthening its footprint in the Middle East and North Africa (MENA) region.
Through its office in the Abu Dhabi Global Market (ADGM), 100Unicorns plans to facilitate cross-border investments, acceleration, and incubation of startups between India and the MENA region, strengthening both ecosystems.
100Unicorns also announced the launch of its second fund, targeting US$200 million.
Previously known as 9Unicorns, the accelerator was founded in 2020 with the goal of supporting more than 50 category leaders within India’s startup ecosystem. With the rebranding and new fund target, 100Unicorns aims to support at least 100 high-potential startups over the next decade, guiding them toward valuations of $1 billion or more.
Since its inception, 100Unicorns has invested in 145 companies, including ShipRocket, VideoVerse, Zypp Electric, and Renee Cosmetics. Six of these companies have surpassed valuations of $200 million, and 30 others have exceeded $50 million. In addition to funding, the accelerator provides strategic mentorship, guidance, and access to a network of industry experts to help startups grow.
100Unicorns offers initial investments ranging from $300,000 to $1 million per startup in the first round, with follow-up funding of $500,000 to $2 million. The firm has also introduced measures to build investor confidence, including a corporate governance framework and transparent investment processes, as well as quarterly performance updates.
The expansion into the MENA region is expected to have a notable impact on India's startup ecosystem, which has seen significant growth in recent years, with funding increasing 15-fold between 2015 and 2022. India is now the third-largest startup ecosystem globally, with over 110,000 startups and 111 unicorns valued at $350 billion.
In a statement, Apoorva Ranjan Sharma, managing director and founder of 100Unicorns, said, "We are pleased to establish our office in the UAE. It is a significant milestone in our journey to bring the best of India’s vibrant startup ecosystem to global investors. By establishing our fund within ADGM, we aim to open doors for MENA investors to access high-growth opportunities in India with the assurance of top-notch corporate governance and transparency."
Manoj Aheeray, global partner and SEO with 100Unicorns, stated, “ADGM's proactive support and world-class regulatory framework have been instrumental in facilitating 100Unicorns’ launch in the UAE, providing the guidance and resources necessary to integrate seamlessly into the region’s financial and business ecosystem. Our foray into this market not only aligns with our growth strategy but also strengthens the historic ties between India and the UAE, fostering cross-border collaboration and innovation.”
“This growth is attributed to factors such as favorable government policies, a burgeoning tech-savvy population, and increasing investment inflows. While the US remains a global leader in the startup domain, India's rapid progress signifies its potential to become a major player in the global startup ecosystem,” Aheeray added.
Arvind Ramamurthy, chief market development officer at ADGM, commented, "ADGM’s robust regulatory framework, world-class infrastructure, and strategic positioning create an ideal environment for financial institutions like 100Unicorns to thrive. The establishment of 100Unicorns highlights the increasing flow of capital into high-growth sectors, reinforcing the UAE's status as a global hub for innovation and entrepreneurship.”
