The Government of India’s Research, Development and Innovation Fund (RDIF) announced its first cohort of 19 Second-Level Fund Managers (SLFMs) on 12 October 2026. The Empowered Group of Secretaries (EGoS) approved the cohort at a meeting on 8 October 2026, with a total RDIF commitment of ₹7,131 crore.
Composition and approval of the cohort
The cohort comprises 14 Alternative Investment Funds (AIFs) and five Focused Research Organisations (FROs). Selected fund managers include Chiratae Ventures, Blume Ventures, Kalaari Capital, Speciale Invest, YourNest Capital, IvyCap Ventures, Ideaspring Capital and TVS Capital Funds. The first application call for prospective SLFMs opened in January 2026. Applicants underwent a multi-stage evaluation process before the cohort received EGoS approval.
Governance of the RDI Fund
The RDIF is managed by an Independent Business Unit housed within the Anusandhan National Research Foundation (ANRF). The ANRF operates under the Department of Science and Technology (DST), Ministry of Science and Technology, Government of India. The RDIF forms part of the Research, Development and Innovation (RDI) Scheme, which has an overall size of ₹1 lakh crore. Prime Minister Narendra Modi launched the scheme in November 2025.
Funding mechanism and technology scope
SLFMs channel RDIF capital to Eligible Technology Enterprises (ETEs) conducting research, development and innovation activities at Technology Readiness Level (TRL) 4 or above. Technology Readiness Levels are a framework for assessing the maturity of a technology, with higher levels corresponding to more advanced stages of development and demonstration. The fund managers are mandated to mobilise private capital equal to the RDIF contribution. For the first cohort, the ₹7,131-crore RDIF commitment is accompanied by an equivalent private-capital mobilisation requirement.
Important Facts for Exams
- The RDI Scheme has an overall size of ₹1 lakh crore.
- The ANRF is the institutional home of the RDIF’s Independent Business Unit.
- The first cohort contains 14 AIFs and five FROs.
- The cohort’s RDIF commitment is ₹7,131 crore, with an equivalent private-capital mobilisation mandate.
An AIF is a privately pooled investment vehicle regulated in India under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012.
