The selected cohort comprises 14 alternative investment funds (AIFs) and five focused research organisations (FROs), which will channel long-term capital into deeptech startups and private sector research and development.
The amount received by the funds is yet to be made public.
The five FROs are AI & Robotics Technology Park (ARTPARK) at IISc Bengaluru, Centre for Cellular and Molecular Platforms (C-CAMP) in Bengaluru, IIT Madras Research Park, Pilani Innovation & Entrepreneurship Development Society (PIEDS) at BITS Pilani and Society for Innovation & Entrepreneurship (SINE) at IIT Bombay.
The other selected AIFs are Celesta India AIF Managers, AdvantEdge Investment Managers, AMA Capital Advisors, Translation Endeavors and Campus, according to the list released by the government on Tuesday.
Sources had earlier told ET that more than 160 venture capital firms had applied to access the government-backed capital pool. The selection process focused on applicants’ capabilities and depth of expertise in deeptech, a person familiar with the process said.
The process took time as the government sought to establish a system to assess the quality and readiness of fund managers before committing public capital, an individual aware of the development said. Those not selected in the first round can address feedback received during the evaluation and apply in subsequent cohorts, they added.
The government plans to announce the second cohort shortly and is open to expanding commitments depending on the quality and number of proposals received.
The applications went through a multi-stage evaluation process, including an assessment of proposals and in-person interactions with an Expert Advisory Committee. The proposals were subsequently placed before the Executive Council of the Anusandhan National Research Foundation (ANRF).
“The distinction between commitments and drawdowns is important, as the government’s commitment to a fund manager does not mean the entire amount will be released upfront. Disbursements will follow due process and depend on the fund managers’ ability to mobilise capital and deploy it into eligible companies,” the source mentioned above said.
The Empowered Group of Secretaries (EGoS), at a meeting on October 8, approved the 19 organisations as second-level fund managers (SLFMs). Their applications went through a multi-stage evaluation, including an assessment of proposals and interactions with an Expert Advisory Committee, before being placed before the Executive Council of the Anusandhan National Research Foundation (ANRF) and the EGoS.
The fund managers will channel capital to eligible enterprises undertaking research, development and innovation at Technology Readiness Level 4 and above. The scheme follows a two-tier structure, with the government-backed fund routing capital through selected managers, which will finance eligible companies.
The Technology Development Board (TDB), another government-designated fund manager under the RDI framework, has separately been processing proposals from companies. By April 2026, it had received 124 proposals and approved 22 projects, with financial assistance of Rs 2,192.32 crore against a total project cost of Rs 4,743.99 crore.
The TDB’s project-selection process had also faced scrutiny over potential conflicts of interest after an Indian Express investigation raised questions about investment links between some approved companies and members of its Investment Committee.
The issue has brought attention to the need for transparent selection and conflict-of-interest safeguards as the government expands funding for deeptech companies.
Launched in November 2025, the RDI scheme aims to support high-risk, capital-intensive technology development and strengthen domestic capabilities across sectors including artificial intelligence, robotics, space technology, quantum computing and biotechnology.