RDI fund to deploy Rs 7,131 crore; Blume, Speciale Invest, Kalaari, Chiratae among 19 fund managers in first cohort

Chiratae Ventures, Blume Ventures, Kalaari Capital, Speciale Invest, YourNest Capital, IvyCap Ventures, Ideaspring Capital and TVS Capital Funds are among the 19 fund managers in the first cohort of the government’s Rs 1 lakh crore Research, Development and Innovation (RDI) scheme. The fund has made a total commitment of Rs 7,131 crore to the cohort.

The fund managers comprise 14 alternative investment funds (AIFs) and five focused research organisations (FROs), which will channel long-term capital into deeptech startups and private sector research and development.

The five FROs are AI & Robotics Technology Park (ARTPARK) at IISc Bengaluru; Centre for Cellular and Molecular Platforms (C-CAMP) in Bengaluru; IIT Madras Research Park; Pilani Innovation & Entrepreneurship Development Society (PIEDS) at BITS Pilani; and Society for Innovation & Entrepreneurship (SINE) at IIT Bombay.


The AIFs include Celesta India AIF Managers, AdvantEdge Investment Managers, AMA Capital Advisors, Translation Endeavors, Sixth Sense Ventures, and Campus, according to the list released by the government on Tuesday.

Anusandhan National Research Foundation, the government’s apex research body, serves as the custodian of the ₹1 lakh crore RDI fund.

The amount received by the funds is yet to be made public.

Long-drawn process

Sources had earlier told ET that more than 160 venture capital firms had applied to access the government-backed capital pool. The selection process focused on applicants’ capabilities and depth of expertise in deeptech, a person familiar with the process said.

The process took time as the government sought to establish a system to assess the quality and readiness of fund managers before committing public capital, an individual aware of the development said. Those not selected in the first round can address feedback received during the evaluation and apply in subsequent cohorts, they added.

The government plans to announce the second cohort shortly and is open to expanding commitments depending on the quality and number of proposals received.

"The distinction between commitments and drawdowns is important, as the government's commitment to a fund manager does not mean the entire amount will be released up front," the source mentioned above said.

Fund managers are also expected to bring in private investment alongside government funding to help finance deeptech companies. “Disbursals will follow due process and depend on the fund managers' ability to mobilise capital and deploy it into eligible companies,” the source added.

The Empowered Group of Secretaries (EGoS), at a meeting on October 8, approved the 19 organisations as second-level fund managers (SLFMs). Their applications went through a multi-stage evaluation, including an assessment of proposals and interactions with an Expert Advisory Committee, before being placed before the Executive Council of the Anusandhan National Research Foundation and the EGoS.

Conflict of interest concerns

The Technology Development Board (TDB), another government-designated fund manager under the RDI framework, has separately been processing proposals from companies. As of April 2026, it had received 124 proposals and approved 22 projects, with financial assistance of Rs 2,192.32 crore against a total project cost of Rs 4,743.99 crore.

The TDB’s project-selection process had also faced scrutiny over potential conflicts of interest after an Indian Express investigation raised questions about investment links between some approved companies and members of the Investment Committee.

The issue has brought attention to the need for transparent selection and conflict-of-interest safeguards as the government expands funding for deeptech companies.

Strengthening indigenous capability

Launched in November 2025, the RDI scheme aims to support high-risk, capital-intensive technology development and strengthen domestic capabilities across sectors, including artificial intelligence, robotics, space technology, quantum computing and biotechnology.

The scheme follows a two-tier structure, with the government-backed fund routing capital through selected managers, which will finance eligible companies.

The fund managers will channel capital to eligible enterprises undertaking research, development and innovation at Technology Readiness Level 4 and above. TRL 4 means a technology’s components have been validated in a laboratory. This means the technology has moved beyond basic research towards validation.