India’s ₹1 trillion RDI fund to select next set of fund managers in a ‘couple of weeks’
Selection for the government's ₹1 trillion Research, Development and Innovation fund will be merit-based with no fixed cap on numbers, RDI Cell head Jyoti Sharma told Mint.
India's newly launched ₹1 trillion Research, Development and Innovation (RDI) fund is preparing to appoint the next set of fund managers in the coming weeks. Jyoti Sharma, head of the RDI Cell, confirmed that the final meeting to select these managers is scheduled within "a couple of weeks." The chosen fund managers will be venture capital firms and other alternate investment funds (AIFs) with a track record of investing in growing technology companies.
The selection process will be merit-based, with an empowered group of secretaries making the final decision. Unlike the first tranche focused on space startups, the RDI fund will be sector-agnostic, prioritizing projects based on their technological readiness level (TRL). The RDI Cell previously selected TDB and Biotechnology Industry Research Assistance Council (Birac) as the first fund managers.
Despite concerns over potential conflicts of interest raised by a recent investigation, Sharma assured that a robust conflict of interest policy is in place at TDB.
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