TVS Capital Funds, Speciale Invest, Chiratae Ventures, Kalaari Capital and Celesta India AIF are among the 14 Second-Level Fund Managers (SLFMs) selected and approved funding under the ₹1 lakh crore Research, Development and Innovation Fund (RDI) Scheme of the Government of India.
Further, IIT Madras Research Park (IITMRP), AI & Robotics Technology Park (ARTPARK), IISc Bengaluru, Centre for Cellular and Molecular Platforms (CCAMP), Bengaluru, Pilani Innovation & Entrepreneurship Development Society (PIEDS), BITS Pilani and Society For Innovation & Entrepreneurship (SINE), IIT Bombay are the five Focused Research Organisations (FROs) also granted funding under the ₹1 lakh crore RDI launched by the Govt to support deep tech research and business building.
The amount of investment for each Fund were not disclosed but the total committment of funding for these 19 SLFMs stands at ₹7,131 crore.
The competent authority has approved funding under the first cohort of the Research, Development and Innovation Fund (RDIF) for 14 Alternative Investment Funds (AIFs) and 5 Focused Research Organisations (FROs), with an aggregate approved commitment of ₹7,131 crore, a DST note reads.
The other SLFMs that have been approved funding are YourNest Capital Advisors, Sixth Sense Ventures, AdvantEdge Investment Managers, IvyCap Ventures Advisors, Ideaspring Capital Fund, Blume Ventures Investment Manager, AMA Capital Advisors, Translation Endeavors and Campus.
The ₹1 lakh crore RDI Scheme was launched by Prime Minister Narendra Modi in November 2025. The Fund received over 150 applications for the selection of SLFMs.
The RDIF is being managed by an Independent Business Unit housed within the Anusandhan National Research Foundation (ANRF), under the Department of Science and Technology (DST), Ministry of Science and Technology, Government of India.
The 19 institutions approved under the first cohort will play a pivotal role in channelling RDIF capital to Eligible Technology Enterprises (ETEs) undertaking research, development and innovation activities at Technology Readiness Level (TRL) 4 and above.
The SLFMs are expected to mobilise private capital equivalent to the RDIF contribution.
“The approval of the first cohort of 19 Second Level Fund Managers under the ₹1 lakh crore Research, Development and Innovation Fund is a landmark moment for India’s DeepTech and innovation ecosystem,” Rajat Tandon, President, IVCA, said in a statement.
“For IVCA, which has consistently advocated for greater institutional capital participation in research-led innovation, this is an especially encouraging development. The commitment of ₹7,131 crore, with the potential to mobilise matching private capital, is a powerful step towards unlocking patient capital for India’s next generation of breakthrough technologies,” he added.
Published on October 13, 2026