RDI Fund Names First 19 Second-Level Fund Managers

The Research, Development and Innovation Fund (RDIF) announced its first cohort of 19 Second Level Fund Managers, approved by the Empowered Group of Secretaries. Cohort comprises 14 Alternative Investment Funds and 5 Focused Research Organisations, with a total RDIF commitment of INR 7,131 crore. Empowered Group of Secretaries also approved five additional technologies for coverage under the fund.

The INR 1 lakh crore Research, Development and Innovation (RDI) Scheme was launched by
the Hon’ble Prime Minister Shri Narendra Modi in November last year.

The fund provides long-term, patient capital for high-risk, high-impact research and development, addressing a financing gap that has constrained private investment in emerging and strategic technologies.

The first call for SLFM applications opened in January 2026. Applications went through a multi-stage evaluation that included an objective assessment and in-person interactions with an Expert Advisory Committee, followed by review by the ANRF Executive Council and the EGoS.

The 19 SLFMs will channel RDIF capital to Eligible Technology Enterprises undertaking research, development and innovation at Technology Readiness Level (TRL) 4 and above. They are expected to mobilise private capital equal to the RDIF contribution. The government said the scheme supports technological sovereignty and reduced dependence on imported technologies, in line with Atmanirbhar Bharat and Viksit Bharat 2047.

“The issue confronting India’s innovation system isn’t the scarcity of ideas and scientific thinkers; rather, it lies in establishing a strong pathway for transitioning from research to successful technological commercialization.” A deeptech firm may possess significant innovation yet struggle to secure the necessary funding to validate their technology, showcase it in an industrial context, and acquire initial customers. These are exactly the moments when the dangers linked to technology are at their highest, and where traditional funding can be difficult to obtain. The Research, Development and Innovation Fund can bridge this gap through a dual structure in which capital is allocated through specialized fund managers expected to leverage a matching amount of private investment. The choice to permit 19 fund managers with a commitment of ₹7,131 crore signifies a crucial advancement in implementing this model effectively. The essential element would be to ensure that public funds can leverage additional private investment and that funding choices are guided by technology. India’s technological self-reliance can be measured by the number of innovations that evolve into viable products, the number of companies that grow based on these products, and the economic value retained throughout this process.” said Padma Shri Saurabh Srivastava, Co-founder, IAN Group, NASSCOM and TiE.

RDIF will continue to invite applications and onboard additional SLFM cohorts.