Less than two months after upGrad completed its acquisition of Unacademy, the edtech company’s co-founders are already writing their next chapter. Gaurav Munjal and Roman Saini are raising a Rs 700 crore venture capital fund for artificial intelligence and deeptech startups, according to a report published by The Economic Times on Monday, 26 October 2026.
The fund, named Longshot Capital, has reportedly secured commitments of about Rs 300 crore and is targeting its first close in January 2027, after which it plans to start investing. Fundraising talks are still under way, so both the final size and the timing could change, the report cautioned, citing people familiar with the matter.
For India’s startup ecosystem, the timing is hard to miss. Capital for deeptech has always been patient capital, the kind that waits for a prototype to become a product and a product to become a company. A new fund led by two founders who have lived through that grind, and who are now putting their own operating experience behind other builders, is a signal in itself.
What Longshot Capital plans to back
Longshot Capital plans to back 25 to 28 startups at the seed and pre-Series A stages, with initial cheques of $500,000 to $1.5 million. Its mandate covers AI-led businesses and deeptech segments such as advanced manufacturing, space, defence and robotics, the report said.
That list matters because it is deliberately narrow. This is not a fund chasing every consumer trend that happens to mention AI. Manufacturing, space, defence and robotics are sectors where progress is measured in engineering milestones, not monthly app downloads, and where a founding team often needs years, specialist talent and testing infrastructure before revenue catches up.
It is also a bet on a different kind of founder. Deeptech founders in India have often struggled to find early investors who understand why a robotics arm or a space component cannot be built on a consumer internet timeline. A fund that starts with that understanding, rather than learning it on the job, could change which ideas get a first cheque.
Who will run the fund
Roman Saini will lead Longshot Capital full time, according to the report, while Gaurav Munjal will be involved part time and continue to head Unacademy. That split makes sense. Saini gets to build the fund as his main job, while Munjal keeps a foot in the company the pair built together.
The two are not new to investing. They have made more than 200 angel investments between them, deploying over Rs 25 crore, the report said. That track record, built deal by deal rather than through a large institutional fund, is likely to be a big part of their pitch to prospective investors: they have already backed early teams, watched some of them grow and learned what early conviction looks like.
Their move also follows a pattern. Other Indian founders, including Snapdeal co-founders Kunal Bahl and Rohit Bansal, have set up investment funds after building large companies, turning operating experience into a second act in venture capital.
Why the upGrad deal changed the picture
Longshot Capital arrives less than two months after upGrad acquired Unacademy, closing a long chapter for the Bengaluru edtech company the pair built into one of India’s best known online learning platforms.
What founders should watch next
- The first close: January 2027 is the target, but the report notes the size and timing could still shift as talks continue.
- The first cheques: 25 to 28 seed and pre-Series A startups, at $500,000 to $1.5 million each, will show whether the fund sticks to its deeptech mandate.
- The sectors: AI, manufacturing, space, defence and robotics are the stated focus, so consumer pitches are unlikely to fit.
- The leadership: Saini running the fund full time, with Munjal part time, sets the tone for how hands on the fund will be.
None of this guarantees success. Deeptech investing is slow, capital intensive and unforgiving of shortcuts, and a Rs 700 crore target is ambitious for a first institutional fund. But if Longshot Capital closes as planned, India will have another serious, founder-led source of early capital for the hardest problems in technology, and that is a story worth watching into 2027.
FAQs
What is Longshot Capital?
Longshot Capital is a venture capital fund being raised by Unacademy co-founders Gaurav Munjal and Roman Saini to back AI and deeptech startups.
How much is Longshot Capital targeting?
The fund is targeting Rs 700 crore, with about Rs 300 crore in commitments reportedly secured so far.
When will Longshot Capital start investing?
It is targeting a first close in January 2027, after which it plans to begin investing, though the timeline could change.
Which startups will Longshot Capital back?
It plans to back 25 to 28 seed and pre-Series A startups in AI, manufacturing, space, defence and robotics, with initial cheques of $500,000 to $1.5 million.
Who will run Longshot Capital?
Roman Saini will lead the fund full time, while Gaurav Munjal will be involved part time and continue to head Unacademy.
The fund is still being raised, so the next real test is simple: close the money, then back the builders. On that, the next few months will tell us more than any announcement can.
