The government has named the first cohort of 19 fund managers under the Rs 1 lakh crore Research, Development and Innovation (RDI) Fund, committing Rs 7,131 crore to back deeptech startups and research-driven companies, the Department of Science and Technology announced on Monday.
The 19 second-level fund managers - 14 alternative investment funds and five focused research organisations - were selected through a multi-stage evaluation process after more than 160 venture capital firms applied under the scheme's first call, issued in January.
Who made the cut
The selected alternative investment funds include Chiratae, Blume, Speciale, Kalaari, YourNest, IvyCap, Ideaspring, TVS Capital, Celesta, AdvantEdge, AMA Capital, Translation Endeavors and Campus. The five research-focused organisations are ARTPARK at IISc, C-CAMP Bengaluru, IIT Madras Research Park, PIEDS at BITS Pilani and SINE at IIT Bombay.
The selection was approved at the October 8 meeting of the Empowered Group of Secretaries, with the fund housed within the Anusandhan National Research Foundation. The scheme targets technologies at TRL 4 and above in areas including artificial intelligence, robotics, space, quantum and biotechnology, with private capital expected to match the RDI contribution.
India's largest state-backed deeptech bet
The Rs 1 lakh crore corpus, launched by Prime Minister Modi in November 2025, is the largest state-backed funding programme India has created for deeptech. The money is structured as patient capital - long-horizon funding suited to research-heavy ventures that commercial venture capital often avoids.
Officials said a second cohort of fund managers would be selected soon, and applicants rejected in the first round can reapply. The Empowered Group of Secretaries also approved five additional technologies under the scheme, though details were not specified. Separately, the Technology Development Board's assistance under the scheme stands at about Rs 2,192 crore against project costs of around Rs 4,744 crore, according to Economic Times reports.
The announcement marks the operational launch of the RDI Fund, converting a headline corpus into deployable capital for India's research and deeptech ecosystem.
Sources:
Business Standard - RDI Fund picks first 19 second-level fund managers, commits Rs 7,131 crore
Economic Times - Blume, Speciale, Kalaari, Chiratae among first cohort to receive RDI fund
The 19 second-level fund managers - 14 alternative investment funds and five focused research organisations - were selected through a multi-stage evaluation process after more than 160 venture capital firms applied under the scheme's first call, issued in January.
Who made the cut
The selected alternative investment funds include Chiratae, Blume, Speciale, Kalaari, YourNest, IvyCap, Ideaspring, TVS Capital, Celesta, AdvantEdge, AMA Capital, Translation Endeavors and Campus. The five research-focused organisations are ARTPARK at IISc, C-CAMP Bengaluru, IIT Madras Research Park, PIEDS at BITS Pilani and SINE at IIT Bombay.
The selection was approved at the October 8 meeting of the Empowered Group of Secretaries, with the fund housed within the Anusandhan National Research Foundation. The scheme targets technologies at TRL 4 and above in areas including artificial intelligence, robotics, space, quantum and biotechnology, with private capital expected to match the RDI contribution.
India's largest state-backed deeptech bet
The Rs 1 lakh crore corpus, launched by Prime Minister Modi in November 2025, is the largest state-backed funding programme India has created for deeptech. The money is structured as patient capital - long-horizon funding suited to research-heavy ventures that commercial venture capital often avoids.
Officials said a second cohort of fund managers would be selected soon, and applicants rejected in the first round can reapply. The Empowered Group of Secretaries also approved five additional technologies under the scheme, though details were not specified. Separately, the Technology Development Board's assistance under the scheme stands at about Rs 2,192 crore against project costs of around Rs 4,744 crore, according to Economic Times reports.
The announcement marks the operational launch of the RDI Fund, converting a headline corpus into deployable capital for India's research and deeptech ecosystem.
Sources:
Business Standard - RDI Fund picks first 19 second-level fund managers, commits Rs 7,131 crore
Economic Times - Blume, Speciale, Kalaari, Chiratae among first cohort to receive RDI fund
