Hotline: 1800 102 2007
Hotline: 1800 102 2007
Jul, 19 2018

IIM Ahmedabad incubator marks first close of $100 mn deep-tech VC fund

The fund will support innovations in healthcare, agriculture, energy, fin-tech, digital and other emerging sectors.

IIM Ahmedabad incubator marks first close of $100 mn deep-tech VC fund

Bharat Innovation Fund has marked the first close of its $100-million venture fund that focuses on early-stage deep-tech investments, it said in a statement on Thursday.

The fund, which is part of Indian Institute of Management (IIM) Ahmedabad’s incubator Centre for Innovation, Incubation and Entrepreneurship (CIIE), has received around 50% commitments from marquee institutional investors as part of the first close, the statement said.

The investors include the Indian government’s financial development institution Small Industries Development Bank of India (SIDBI) through its Fund of Funds for Startups (FFS) programme, insurer ICICI Lombard, private lender RBL Bank, and corporates Philips and Bajaj Electricals Ltd.

The fund will support innovations in healthcare, agriculture, energy, fin-tech, digital and other emerging sectors. It will invest at the pre-Series A and Series A stages.

Kunal Upadhyay, managing partner of Bharat Innovation Fund, noted that Indian entrepreneurs are producing globally competitive IP-driven innovations across themes like healthcare, biotech, agriculture, energy, and enterprise-tech. These are being enabled by cutting-edge research and trends like artificial intelligence (AI), machine learning (ML), Internet of Things (IoT) and India Stack, a term used for a set of application programming interface (APIs) that allows governments, businesses, startups and developers to utilise an unique digital infrastructure to solve India-specific problems.

“Bharat Innovation Fund will catalyse these transformational deep-tech startups by providing them capital, access to market, strategic inputs and partnership connects,” he added.

The Fund is also managed by Shyam Menon, who along with Upadhyay co-founded seed and early-stage firm Infuse Ventures; Ashwin Raguraman, the chief operating officer of India Innovation Fund; Sanjay Jain, former product manager at Google and chief product manager at UIDAI; and Som Pal Choudhury, former managing director of semiconductor manufacturer Analog Devices, India.

The CIIE was founded to support entrepreneurs and turn business ideas into viable models. It partners with industry experts, mentors, corporates, the IIM-A community and investors to help incubate early-stage startups. It has backed a number of accelerator programmes and seed funds in India since 2008.

In 2013, CIIE had launched a clean-tech-focused venture fund—Infuse Ventures that has invested in companies such as Fourth Partner Energy which recently raised $70 million in investment from global private equity major TPG Growth’s The Rise Fund.

Earlier in May, CIIE launched a $25-million (Rs 169 crore) project to invest in social-impact startups looking to harness the next half billion Indians coming onto the internet.

The Bharat Inclusion Initiative project will mentor startups over the next three to four years across areas such as financial inclusion, livelihood, education and health, the statement added.

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • Sweetshop
    About Us: Established in 1950, Mukharochak is a trusted and one..
    Locations looking for expansion West bengal
    Establishment year 1950
    Franchising Launch Date 2019
    Investment size Rs. 5lac - 10lac
    Space required 180
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater kolkata West bengal
  • Imagine yourself having a tried and tested winning formula in..
    Locations looking for expansion Maharashtra
    Establishment year 2002
    Franchising Launch Date 2008
    Investment size Rs. 50000 - 2lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • Others Food Service
    About Us: The Fresh Meat Market is an online platform as..
    Locations looking for expansion Uttar pradesh
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 2lac - 5lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Noida Uttar pradesh
  • Grocery Stores
    About Us: Ricemandi brings all the grocery items in one place...
    Locations looking for expansion Tamil nadu
    Establishment year 1962
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Chennai Tamil nadu
Insta-Subscribe to
Entrepreneur
Magazine
sme-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities