RDIF first cohort: who is in?
India's ₹1 lakh crore Research, Development and Innovation Fund announced its first 19 fund managers on 12 October 2026. Here is what the government has confirmed, and which names are reported.
What the government confirmed
These points come from the official PIB press release of 12 October 2026.
- The RDIF is a flagship initiative under the ₹1 lakh crore RDI Scheme, launched by the Prime Minister in November 2025. It is run by an independent business unit within the Anusandhan National Research Foundation (ANRF), under the Department of Science and Technology.
- On 8 October 2026 the Empowered Group of Secretaries approved 14 Alternative Investment Funds (AIFs) and 5 Focused Research Organisations (FROs) as the first cohort of Second Level Fund Managers, with a total RDIF commitment of ₹7,131 crore.
- These managers will channel RDIF capital to eligible technology companies working at TRL 4 and above, and are expected to mobilise private capital equal to the RDIF contribution.
- The first call for applications opened in January 2026. Proposals went through a multi-stage evaluation, including interviews with an Expert Advisory Committee, before the ANRF Executive Council and the Empowered Group of Secretaries.
- The group also approved five additional technologies for coverage under the fund, and more cohorts of managers will be invited.
The release does not name the 19 institutions. Everything below about names comes from news coverage.
Who has been named
Funds named by multiple outlets
Eight of the 14 funds are named by more than one news outlet, including GKToday ↗ and IASPoint ↗.
| Fund manager | Named by | In our directory |
|---|---|---|
| Speciale Invest | Multiple news outlets | See entry |
| YourNest Venture Capital | Multiple news outlets | See entry |
| Chiratae Ventures | Multiple news outlets | See entry |
| Kalaari Capital | Multiple news outlets | See entry |
| Blume Ventures | Multiple news outlets | See entry |
| IvyCap Ventures | Multiple news outlets | See entry |
| Ideaspring Capital | Multiple news outlets | See entry |
| TVS Capital Funds | Multiple news outlets | A growth and control investor, not a deep-tech fund, so not in our directory. |
Research organisations reported by one outlet
EduAdvice ↗ lists these five focused research organisations. We have not found them in the official release.
| Organisation | Named by | In our directory |
|---|---|---|
| ARTPARK (AI & Robotics Technology Park)IISc Bengaluru | One outlet (EduAdvice) | — |
| C-CAMP (Centre for Cellular and Molecular Platforms)Bengaluru | One outlet (EduAdvice) | — |
| IIT Madras Research ParkIIT Madras, Chennai | One outlet (EduAdvice) | Co-manages the IITM Unicorn Frontier Fund I with Unicorn India Ventures (per its own announcement). |
| PIEDS (Pilani Innovation & Entrepreneurship Development Society)BITS Pilani | One outlet (EduAdvice) | — |
| SINE (Society for Innovation & Entrepreneurship)IIT Bombay | One outlet (EduAdvice) | — |
Six more funds are not listed here. A social-media post lists six further funds in the cohort. We could not confirm them from any other source, so we are not naming them until the official list is published. We will update this page when it is.
What it means for deep-tech founders
RDIF money does not go straight to companies. It reaches them through these managers, which are expected to invest alongside matching private capital in technology at TRL 4 and above. For a founder the practical step is to find which managers fit your sector and stage, then read each fund's own site for its terms.
Our Deep-Tech VCs directory shows the RDIF-reported funds with their focus, stage and portfolio, and the startups CoreVoice has worked with that each one backs.
Questions
What is the RDIF?
The Research, Development and Innovation Fund (RDIF) is a ₹1 lakh crore Government of India fund, set up under the RDI Scheme that the Prime Minister launched in November 2025. It is managed by an independent business unit within the Anusandhan National Research Foundation (ANRF), under the Department of Science and Technology.
Who are the first RDIF fund managers?
On 12 October 2026 the government announced a first cohort of 19 Second Level Fund Managers: 14 alternative investment funds and 5 focused research organisations, with ₹7,131 crore committed. The official release does not name them. Multiple news outlets name Speciale Invest, YourNest, Chiratae Ventures, Kalaari Capital, Blume Ventures, IvyCap Ventures, Ideaspring Capital and TVS Capital Funds among the funds.
What is a Second Level Fund Manager?
A fund manager approved by the RDIF to channel its capital into eligible technology companies. The release says these managers are expected to mobilise private capital equal to the RDIF contribution.
What does TRL 4 mean?
TRL stands for Technology Readiness Level, a nine-point scale. At level 4 the components of a technology have generally been validated in a laboratory. The RDIF targets companies at TRL 4 and above, which means beyond basic research.
How can a deep-tech startup get RDIF money?
The release says RDIF capital reaches companies through the approved fund managers. We do not yet know each fund's RDIF-specific terms, so check the fund's own website and announcements from ANRF. Our directory of RDIF-reported funds is a starting list.
Sources
- PIB ↗: Research, Development and Innovation Fund announces first cohort of 19 Second Level Fund Managers, 12 October 2026.
- GKToday ↗ and IASPoint ↗: news coverage naming funds in the cohort.
- EduAdvice ↗: coverage naming the five focused research organisations.
- IIT Madras Research Park ↗: the IITM Unicorn Frontier Fund announcement.
Looking for the right fund?
Filter 45 deep-tech funds by focus and stage, and see the startups they back.