The ₹1 Lakh Cr RDI Fund's first ₹2,192 Cr round saw 15 companies linked to its selection committee. These 15 firms secured 62% of the total allocation, sparking concerns about conflicts of interest in deeptech funding. Deeptech investors now demand greater transparency and independent oversight to build trust.
How We Got Here
The ₹1 Lakh Cr RDI fund was established under the Anusandhan National Research Foundation (ANRF) to boost India's deeptech sector. This scrutiny follows an Indian Express report detailing the links between investment committee members and beneficiary companies in the initial disbursements.
The Numbers
- The 15 companies include Tejas Networks, Ather Energy, Agnikul Cosmos, Dhruva Space, and BigEndian Semiconductors.
- These firms collectively received over ₹1,377 crore from the fund's initial ₹2,192 crore round.
- Seven of the 12 Investment Committee members reportedly had links to the beneficiary companies.
- The government states that all conflict-of-interest protocols, including disclosure and recusal, were strictly followed.
- The fund operates with a two-tier structure, with the Technology Development Board (TDB) serving as a key second-level fund manager.
What Happens Next
🇮🇳 Why This Matters for India
For deeptech founders in Bengaluru and Hyderabad, this opacity around government capital could stifle patient capital access for genuinely innovative, early-stage ventures.
The Take
The immediate losers are genuinely new deeptech teams without established VC connections, missing out on crucial seed capital. This further centralizes power among a few well-connected funds, stifling true grassroots innovation in sectors like space tech or semiconductors.
Source:
Inc42 ↗