Chiratae, Blume, YourNest among 19 fund managers picked under RDI’s first cohort

The government has committed Rs 7,131 crore to 19 fund managers under its Rs 1 lakh crore Research, Development and Innovation (RDI) scheme, in a move to channel long-term capital into deeptech startups and private sector research and development (R&D).

The first cohort comprises 14 alternative investment funds (AIFs) and five focused research organisations (FROs), approved by the Empowered Group of Secretaries (EGoS) on October 8. The fund managers will channel capital to companies developing technologies in strategic and emerging sectors.

The selected AIFs include Chiratae Ventures, Blume Ventures, Kalaari Capital, Speciale Invest, YourNest Capital, IvyCap Ventures, Ideaspring Capital and TVS Capital Funds. Other selected managers include Celesta India AIF Managers, AdvantEdge Investment Managers, AMA Capital Advisors, Translation Endeavors, Sixth Sense Ventures and Campus.

The five focused research organisations include AI & Robotics Technology Park (ARTPARK) at the Indian Institute of Science (IISc), Centre for Cellular and Molecular Platforms (C-CAMP), IIT Madras Research Park, Pilani Innovation & Entrepreneurship Development Society at BITS Pilani, and Society for Innovation & Entrepreneurship (SINE) at IIT Bombay.

The government has not disclosed the individual commitments made to the selected managers. More than 160 venture capital firms had applied to participate in the scheme, according to earlier media reports.

YourNest Capital Advisors, one of the selected fund managers, said the selection followed multiple rounds of assessment, with the evaluation focusing on applicants’ capabilities and expertise in deeptech.

"The selection is also a testimony to the sheer grit and innovation of our founders who are leveraging technology to create life-changing products," said YourNest in a statement.

Launched in November 2025 with an overall outlay of Rs 1 lakh crore, the RDI scheme aims to address the funding gap faced by companies developing high-risk, capital-intensive technologies.

Under its two-tier structure, the government-backed fund, housed within the Anusandhan National Research Foundation (ANRF), will route capital through selected second-level fund managers.