India picks 19 managers for deeptech fund, commits $856M
The Indian government has chosen 19 funds—14 alternative investment funds and five research organizations—to manage the first ₹7,131 crore ($856 million) out of its ₹1 lakh crore ($12 billion) Research, Development and Innovation (RDI) scheme. These fund managers will back deeptech startups and R&D projects, with a requirement to attract at least matching private capital. Over 160 firms applied; a second proposal round is coming soon.
- 19 fund managers selected from over 160 applicants
- First cohort gets ₹7,131 crore ($856 million) committed
- Funds will support startups and R&D in advanced technologies
- Managers must raise matching money from private investors
- Second round of applications planned
Sources covering this
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