The Indian Institute of Technology (IIT) Madras, IIT Bombay, the Indian Institute of Science (IISc), Bengaluru, and Birla Institute of Technology and Science (BITS) Pilani are among the institutions represented in the first cohort of 19 fund managers approved under the Centre's Rs 1 lakh crore Research, Development and Innovation (RDI) scheme.
The government announced on October 12 that the first cohort had received a total commitment of Rs 7,131 crore under the scheme. The approval covers 14 Alternative Investment Funds (AIFs) and five Focused Research Organisations (FROs), following a meeting of the Empowered Group of Secretaries on October 8, 2026.
The initiative aims to increase private-sector investment in research and development, particularly in deep-tech and strategic technology areas. The selected fund managers will channel funding to eligible technology enterprises undertaking research, development and innovation at Technology Readiness Level (TRL) 4 and above. They are also expected to mobilise private capital equivalent to the government's contribution.
Five research organisations linked to academic institutions
The five Focused Research Organisations approved in the first cohort are:
AI & Robotics Technology Park (ARTPARK), IISc Bengaluru
Centre for Cellular and Molecular Platforms (CCAMP), Bengaluru
IIT Madras Research Park
Pilani Innovation & Entrepreneurship Development Society (PIEDS), BITS Pilani
Society for Innovation & Entrepreneurship (SINE), IIT Bombay
These organisations will operate as second-level fund managers under the scheme, helping direct RDI capital towards eligible research and technology development activities. Their inclusion brings research and innovation organisations associated with major academic institutions into the funding framework.
The scheme does not mean that the entire Rs 1 lakh crore corpus will be distributed directly to these five organisations. Rather, the approved fund managers are part of a two-tier mechanism through which the government intends to support eligible enterprises and research-led innovation projects.
List of 14 alternative investment funds
The first cohort also includes 14 AIFs that will help channel capital towards technology-intensive companies and deep-tech ventures. The selected funds are:
Chiratae Ventures
Kalaari Capital Partners India
Blume Ventures
Speciale Invest
YourNest Capital Advisors
Sixth Sense Ventures
Celesta India AIF Managers
AdvantEdge Investment Managers
IvyCap Ventures Advisors
Ideaspring Capital Fund
TVS Capital Funds
AMA Capital Advisors
Translation Endeavors
Campus
The selection expands the network of fund managers through which the government can deploy capital to companies working on research-intensive technologies.
What is the RDI scheme?
Approved by the Union Cabinet on July 1, 2025, the RDI scheme has a total outlay of Rs 1 lakh crore over six years. It was launched in November 2025 to encourage greater private-sector participation in research and development and address financing gaps faced by companies developing new technologies.
The scheme is administered through a Special Purpose Fund housed within the Anusandhan National Research Foundation (ANRF), under the Department of Science and Technology. Instead of investing directly in companies, the fund channels capital through second-level fund managers, which can include AIFs, development finance institutions, non-banking financial companies and Focused Research Organisations.
Support may be provided through long-term loans at low interest rates. Equity-based financing may also be considered for startups in selected cases. The funding framework is intended to support projects at Technology Readiness Level 4 and above, which generally indicates that a technology has progressed beyond basic research towards validation in a relevant environment.
The scheme identifies priority areas including energy security and climate action, quantum technologies, robotics, space, artificial intelligence, biotechnology, biomanufacturing, pharmaceuticals, medical devices and the digital economy. It also covers technologies considered important for strategic and economic security.