New Delhi: The competent authority has approved funding commitments worth Rs 7,131 crore for 19 fund managers under the first cohort of the Rs 1 lakh crore Research, Development and Innovation Fund. The approved cohort comprises 14 Alternative Investment Funds and five Focused Research Organisations, which are expected to support research, development, and innovation in India.
The initiative could create opportunities across research-driven sectors by improving access to funding for innovation and technology development. The 14 Alternative Investment Funds approved under the first cohort include Speciale Invest Growth Fund, YourNest Capital Advisors, Sixth Sense Ventures, Chiratae Ventures, Kalaari Capital Partners India, Celesta India AIF Managers, AdvantEdge Investment Managers, IvyCap Ventures Advisors, Ideaspring Capital Fund, Blume Ventures Investment Manager, TVS Capital Funds, AMA Capital Advisors, Translation Endeavors, and Campus.
The five Focused Research Organisations include entities associated with IISc Bengaluru, IIT Madras, IIT Bombay, and BITS Pilani, among others. These approvals bring research-linked institutions and investment managers into the first cohort of the scheme, which is aimed at supporting India's research and innovation ecosystem.
Launched by Prime Minister Narendra Modi in November 2025, the Rs 1 lakh crore Research, Development and Innovation Scheme aims to strengthen India's research ecosystem by providing long-term funding for high-risk, high-impact research and emerging technologies. The program seeks to bridge funding gaps in private sector research and help the country develop globally competitive technologies and products.
The 19 approved fund managers will channel the financial backing to eligible technology enterprises involved in research, development, and innovation. They are also expected to mobilize private capital equivalent to their contributions to encourage greater private investment in technology development.
The initiative is managed by an Independent Business Unit under the Anusandhan National Research Foundation, which functions under the Department of Science and Technology. The initial application round for fund managers began in January 2026, and the proposals underwent a multi-stage evaluation before receiving clearance from the Executive Council and the Empowered Group of Secretaries.