A bunch of venture capital and private equity firm from India and the US have formed an alliance to invest in deep tech companies in India with an aim to strengthen US-India deep tech collaboration.

The founding members of the alliance -- India Deep Tech Investment Alliance (IDTA) -- are Celesta Capital, Accel, Blume Ventures, Gaja Capital, Ideaspring Capital, Premji Invest, Tenacity Ventures, and Venture Catalysts, according to a statement.

It added that the plan to form an alliance to invest in deep tech startups in the country builds on the momentum of Government of India's $12 billion Research Development and Innovation Scheme.

Each member of the IDTA will commit "meaningful private capital" over 5-10 years to India-based deep tech companies.

It did not specify the amount of investment that each member of the alliance will bring in.

"India’s deep tech moment is here, and we’re proud to join this alliance to support innovation – the most enduring source of national competitive advantage," said Gopal Jain, CEO and managing director at Gaja Capital.

Celesta Capital Managing Partner and former CEO of KPMG India Arun Kumar will serve as the inaugural IDTA Chair. Representatives from Accel, Premji Invest, and Venture Catalysts will be members of the Advisory Committee of IDTA.

The IDTA will add more global and Indian investors over time, it said. The prospective investors will have to make the requisite commitments to collaboration and capital deployment.