India-based venture capital firm Bharat Innovation Fund (BIF) has raised $50m from limited partners including electronics producer Philips, insurance provider ICICI Lombard and electrical equipment manufacturer Bajaj Electricals, the Economic Times has reported.
Financial services firm RBL Bank and the Indian government-owned development financial institution Small Industries Development Bank of India also contributed capital, the latter through its Fund of Funds for Startups.
BIF, an affiliate of Indian Institute of Management Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship, is targeting a $100m final close according to recent press reports, having initially been rumoured to be seeking $150m at the time of the fund’s 2016 launch.
The fund will focus on pre-series A and series A-stage startups in deep technology-focused areas such as financial technology, renewable energy and agriculture.
BIF was co-founded by managing partners Kunal Upadhyay and Shyam Menon, with founding partner Ashwin Raguraman. It will also offer portfolio companies access to international networks and distribution channels, sectoral insights and research infrastructure.
Upadhyay and Menon are also the co-founders of the Centre for Innovation Incubation and Entrepreneurship’s cleantech fund, Infuse Ventures, which was launched in 2012.
– The original version of this article appeared on our sister site, Global University Venturing.