The Research, Development and Innovation Fund (RDIF), a flagship Government of India initiative, has announced its first cohort of 19 Second Level Fund Managers (SLFMs). The Empowered Group of Secretaries (EGoS) approved 14 Alternative Investment Funds (AIFs) and 5 Focused Research Organizations (FROs) on October 08, 2026, with a total RDIF commitment of ₹7,131 crore. This marks a key milestone in operationalizing the ₹1 lakh crore Research, Development and Innovation (RDI) Scheme launched in November 2025.
First Cohort and Capital Allocation
The inaugural cohort consists of 14 AIFs and 5 FROs selected through the fund's first call for applications issued in January 2026. These SLFMs will channel RDIF capital to Eligible Technology Enterprises undertaking research, development, and innovation at Technology Readiness Level 4 and above. Each institution is expected to mobilize private capital equivalent to the RDIF contribution, a condition that effectively expands the total capital available for high impact projects and strengthens private sector participation.
Management and Evaluation Process
RDIF is managed by an Independent Business Unit housed within the Anusandhan National Research Foundation under the Department of Science and Technology. Applications for the first cohort were evaluated through a rigorous multi-stage process involving detailed objective assessment and extensive in-person interactions with an Expert Advisory Committee. Final proposals were subsequently placed before the Executive Council of ANRF and then before the Empowered Group of Secretaries for consideration and formal approval.
Addressing the Research Financing Gap
The fund provides long-term, patient capital for high risk and high impact research and development, targeting a critical financing gap that has historically constrained private sector investment in emerging and strategic technologies. This patient capital model is intended to support innovation that may not deliver immediate commercial returns but is essential for long-term technological leadership and national competitiveness. It reflects one of India's most ambitious efforts to transform its research and innovation ecosystem from a follower into a technology provider.
Technology Coverage and Future Cohorts
EGoS also approved five additional technologies for coverage under the RDI Fund during the same meeting. Building on this milestone, RDIF will continue to invite applications and onboard additional cohorts of SLFMs in the near future. This expansion is designed to widen the fund's reach, accelerate public-private collaboration, and increase investment in India's research, development, and innovation ecosystem across multiple technology domains.
Private Capital Mobilization
A central objective of the RDIF is to unlock substantial private sector participation by requiring SLFMs to match the government contribution with equivalent private capital. This co-investment structure is expected to multiply the overall funding available for research and development activities across eligible technology enterprises. It also creates a sustainable financing model that aligns public mission objectives with private sector investment discipline, encouraging long-term value creation in strategic sectors.
The RDIF initiative aligns with the vision of Atmanirbhar Bharat and Viksit Bharat 2047 by advancing India's technological sovereignty and reducing dependence on imported technologies. By fostering a robust ecosystem for private sector-led research and development in Science 4 Technology, the fund is expected to help India emerge as a global technology development and innovation hub. This first cohort of SLFMs provides a strong foundation for achieving the larger ₹1 lakh crore RDI target and building a globally competitive economy.