A $12B R&D fund was meant to turbocharge startup funding. It did the opposite
The post A $12B R&D fund was meant to turbocharge startup funding. It did the opposite appeared first on The Ken .
The Rs 1 lakh crore Research, Development, and Innovation (RDI) fund launched by Prime Minister Narendra Modi in November 2025 aimed to provide patient capital for research and innovation in sectors with long gestation periods, but has instead slowed down startup funding. The fund, managed by the Anusandhan National Research Foundation (ANRF), allocated Rs 20,000 crore for the fiscal year 2026, but has disbursed only Rs 500 crore so far to the Technology Development Board (TDB), which has committed Rs 2,192 crore to 22 startups.
The process has been delayed by almost a year, with multiple fund managers still awaiting approval from the ANRF.
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