The first version of the bike featured spoke wheels and kick start with an optional self-starter.

Changes included alloy wheels, powder coated engine with a polished head, electric starter, new graphics, clear lens indicator lamps, a trip meter, and a slightly smaller rear grab rail.

Performance changes included minor changes in the cylinder head, overhead valve, ignition remapping, and a rear sprocket increase of one tooth, which resulted in increased acceleration at the expense of reduced top speed.

The air filter was changed from dry-paper to oil-coated to better suit dusty conditions and a new airflow screw was added to the carburetor.

[8] The Unicorn overtook the Bajaj Pulsar to rank highest in its category, the premium segment, in the 2005 Motorcycle Total Customer Satisfaction (MTCS) survey of 7,000 customers conducted by the TNS specialist division, TNS Automotive.