CIIE (Centre for Innovation, Incubation and Entrepreneurship) at Indian Institute of Management (IIM) Ahmedabad’s early-stage deep tech and IP focussed venture fund Bharat Innovation Fund has announced the first closure of its USD 100 million fund.
Bharat Innovation Fund invests at the seed or Series A stage which includes grants and venture capital. The fund was founded to support and encourage entrepreneurs in the emerging sectors such as agriculture, health, energy as well as enterprises. They also support corporates adopting digital technologies, especially technologies related to manufacturing and design.
The Bharat Innovation Fund team has a diverse background and come with years of experience in venture investing, incubating, building massively-scalable tech products, and leading corporates and startups.
Kunal Upadhyay, Managing Partner of Bharat Innovation Fund; said,
“Indian entrepreneurs are producing globally-competitive IP-driven innovations across themes like healthcare/biotech, agriculture, energy, and enterprise-tech – enabled by cutting-edge research and trends like AI, ML, IoT, India Stack, among others. Bharat Innovation Fund will catalyse these transformational deep-tech startups by providing the capital, access to the market, strategic inputs and partnership connect.”
Commenting on Bharat Innovation Fund’s first close, MK Raveesha, CGM, SIDBI said,
“SIDBI and FFS (DIPP) are delighted to partner with the Bharat Innovation Fund to support deep-innovation driven startups. Bharat Innovation Fund is a unique partnership comprising of strategic and financial investors – and a strong experienced team. We hope to together create a breakthrough and globally competitive solutions from India”.
The fund is built on a decade-long startup engagement experience of CIIE, which has been leading accelerator programmes and seed-funds in India since 2008 – and with support from Tata Trusts.