Who are Roman Saini and Gaurav Munjal: From founding online coaching to becoming venture capitalists with ₹700 cr fund
Unacademy co-founders Gaurav Munjal and Roman Saini are raising a ₹700 crore venture capital fund, Longshot Capital, to invest in early-stage artificial intelligence (AI) and deeptech startups, according to a report by The Economic Times.
The fund, registered as a Category II alternative investment fund (AIF), has reportedly secured commitments of around ₹250-300 crore, representing approximately 36-43% of its target. It is targeting its first close in January 2027, although the fundraising amount and timeline could change as discussions with prospective investors continue.
The fund-raising initiative comes less than two months after upGrad completed its all-stock acquisition of Unacademy, the edtech platform co-founded by Munjal, Saini and Hemesh Singh.
The Bengaluru-based fund plans to invest in 25-28 startups at the seed and pre-Series A stages, according to the report. Initial investments are expected to range between $500,000 and $1.5 million per company, with Longshot Capital targeting ownership stakes of 8-12%.
The fund's investment strategy will focus on AI-led businesses and deeptech sectors, including manufacturing, space, defence and robotics. Consumer brands and retail businesses will not fall within its primary investment mandate.
Longshot Capital plans to deploy its capital over three years, backing companies based in India as well as businesses founded by entrepreneurs of Indian origin overseas.
The fund is expected to have a lifespan of 10-11 years, allowing portfolio companies sufficient time to develop technologies, commercialise products and scale their operations. Deeptech businesses often require longer development cycles and substantial investment before achieving commercial viability.
The fund's prospective investors reportedly include startup founders, family offices and overseas institutions.
Munjal and Saini will serve as general partners of Longshot Capital. Saini is expected to manage the fund full-time, while Munjal will participate on a part-time basis alongside his responsibilities as Unacademy's chief executive officer.
The fund formalises more than a decade of angel investing by the two entrepreneurs. Together, they have invested more than ₹25 crore through over 200 angel investments in startups across different sectors.
Their previous investments include Pine Labs, Dhan, Seekho, Ultrahuman, Snabbit, Swish, STAGE and Third Wave Coffee. In August, they also invested in Superleap, an AI-native customer relationship management platform.
Their move into fund management reflects a broader trend among Indian entrepreneurs who have shifted from investing personal capital in startups to managing external investor money.
Unacademy began as a YouTube channel before becoming a formal edtech platform in 2015, focusing on preparation for competitive examinations. The company expanded rapidly during the pandemic-era boom in online education.
However, as growth conditions changed, Unacademy undertook multiple rounds of layoffs, reduced cash burn, scaled down certain business verticals and expanded into offline coaching centres. The company was subsequently acquired by upGrad through an all-stock transaction.
Saini's journey to entrepreneurship followed a different path. He cleared the AIIMS medical entrance examination at 16 and the Union Public Service Commission (UPSC) civil services examination at 22. He later served as an Indian Administrative Service (IAS) officer in Madhya Pradesh before leaving the service in 2015 to build Unacademy with Munjal and Hemesh Singh.
Gaurav Munjal holds a Bachelor of Technology (BTech) degree in Computer Engineering from Narsee Monjee Institute of Management Studies (NMIMS), Mumbai. He completed his degree in 2012.
With Longshot Capital, the co-founders are now looking to extend their startup experience into early-stage AI and deeptech investing.
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