The Research, Development and Innovation Fund (RDIF) has officially announced its first cohort of 19 Second Level Fund Managers (SLFMs) approved by the Empowered Group of Secretaries (EGoS) on October 8, 2026. This milestone marks the active operationalisation of India's ambitious ₹1 lakh crore RDI Scheme, launched initially by Prime Minister Narendra Modi in November 2025. The approved fund managers will channel RDIF capital to eligible technology enterprises undertaking research, development and innovation activities at Technology Readiness Level (TRL) 4 and above. The newly approved cohort features 14 Alternative Investment Funds (AIFs) and 5 Focused Research Organisations (FROs), backed by a substantial ₹7,131 crore commitment. As per the Ministry of Science & Technology, this represents one of India's most ambitious and creative initiatives to transform its research and innovation ecosystem.
The selection process followed a rigorous, multi-stage evaluation procedure involving expert committees and the ANRF Executive Council. The first call for applications from prospective SLFMs was launched in January 2026, with applications undergoing thorough evaluation before being considered by the ANRF Executive Council and subsequently presented to the EGoS for approval. The government had received around 163 applications from venture capital firms and research organisations seeking to deploy RDI capital. The announcement comes days after Abhay Karandikar, member of NITI Aayog and former secretary of the Department of Science and Technology, told Moneycontrol that the government was likely to select 15-20 fund managers by October-end. The EGoS also approved 5 additional technologies for coverage under the RDI Fund during this approval process, further expanding the fund's scope and capabilities.
The ₹1 lakh crore Research, Development and Innovation Scheme was launched by Prime Minister Narendra Modi in November 2025, as reported by the Ministry of Science and Technology. The initiative specifically addresses a critical financing gap by providing long-term, patient capital for high-risk, high-impact research and development projects. The fund operates under the Department of Science and Technology (DST) and is managed by an Independent Business Unit housed within the Anusandhan National Research Foundation (ANRF). The scheme seeks to reduce dependence on imported technologies, strengthen technological self-reliance and support the development of globally competitive products. Crucially, these SLFMs are mandated to mobilise private capital equivalent to the government's contribution, effectively doubling the financial muscle available to India's deep-tech pioneers. The RDIF represents the Government's vision of transforming India from a technology consumer into a nation that develops globally competitive technologies and products, aligning with the Atmanirbhar Bharat and Viksit Bharat 2047 vision.
The approval comes against the backdrop of a growing pipeline of applications at the Technology Development Board (TDB), one of the first institutions designated to deploy RDI capital. Moneycontrol reported that TDB had received more than 230 proposals since April, including around 175 between June and September. The board had committed around ₹2,900 crore across 35 projects in its first two cohorts, while another 25 proposals had cleared initial screening and were to be presented to its Investment Committee. This backlog of applications demonstrates the significant demand for RDI funding and the urgent need for expanded fund management capacity to process and deploy capital efficiently.
