The fund, affiliated with IIM Ahmedabad, has raised approximately $50m for its first close two years after first being announced.
Bharat Innovation Fund (BIF), a vehicle affiliated with the Centre for Innovation Incubation and Entrepreneurship at Indian Institute of Management Ahmedabad, has raised roughly $50m, according to the Economic Times.
Limited partners include consumer electronics company Philips, insurance provider ICICI Lombard, electrical equipment manufacturer Bajaj Electricals and financial services firm RBL Bank.
Indian government-owned development financial institution Small Industries Development Bank of India provided capital through its Fund of Funds for Startups. A range of unnamed investors have also backed the fund.
BIF is targeting a $100m final close, according to the latest press reports, though the size was rumoured to be $150m when the fund was first revealed in 2016.
The fund will focus on pre-series A and series A-stage startups in deep technology-focused areas such as fintech, renewable energy and agriculture. It will offer access to international networks and distribution channels, sectoral insights and research infrastructure.
The…
