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What is the story about?
When the government cut its first cheques under India’s ₹1 lakh crore RDI Fund, the winner’s list read like a portfolio review for IAN Group. CNBC-TV18 has learnt that at least six of the 22 companies approved in the fund’s inaugural cohort are backed by India’s largest early-stage investment platform.
The cohort, which has been sanctioned a total of ₹2,192.32 crore in assistance, spans space technology, energy storage, robotics, semiconductors, biotechnology, and healthcare. Spacetech commands the largest share at ₹833.89 crore. Names on the approved list include Dhruva Space, Agnikul Cosmos, GalaxEye, Astrome, Manastu Space, EndureAir Systems, Noccarc Robotics, e-TRNL Energy, Peptris Technologies, Serigen Mediproducts, BigEndian Semiconductors, and ideaForge Technology, among others.
In May 2026, Union Minister Dr Jitendra Singh disbursed the first tranche of ₹50 crore to Bengaluru-based IISTEM Research at a live ceremony in New Delhi. The remaining cohort is working through due diligence before agreements are signed.
For VCs who wrote early cheques into deeptech when it was deeply unfashionable, the RDI fund is structural validation. Vishesh Rajaram, Partner at Speciale Invest — whose bets include Agnikul Cosmos, e-TRNL Energy, and The ePlane Company — calls it "first-of-its-kind" in India.
"Deep tech companies navigating the journey from TRL 4 to TRL 9 have historically faced scarcity of capital — this is often called the second valley of death, where the technology is proven in the lab but not yet a commercial product," he told CNBC-TV18. "For the first time, India has a large-scale, structured mechanism that is patient enough and technically sophisticated enough to support companies through this transformation."
Also Read: Innefu Labs to expand into Agentic AI and defence robotics after $30 million fundraise
On the investor calculus: "The programme proposes to fund up to 50% of a project through long-term, low-cost debt. Every rupee of equity a startup raises can now be leveraged up to 2x — dramatically improving capital efficiency." He’s clear it doesn’t create dependency — "this isn’t a grant, it’s structured debt with real accountability built in."
Countries like the US have had SBIR, DARPA, and DoE loan programmes doing this for decades, Rajaram noted. India now has its own version.
The Space Story Is Global, Not Domestic
One persistent concern about India’s private spacetech sector is the absence of a domestic private customer base. Rajaram pushes back on that framing entirely. "India is one of a very short list of countries with genuine space-faring heritage — that translates into real talent, real infrastructure, and real institutional knowledge. The sector presents India an opportunity to be an exporter of space services and products. The market is truly global."
Agnikul, for instance, already counts customers across India, the Middle East, and Australia.
Under the RDI scheme, the Centre funds up to 50% of a project’s approved cost — the balance comes from the company or private investors. Loans are priced at 3-4% interest over 12-15 years, with equity participation also available. The fund received 124 proposals in its first call and cleared 22 — an 18% selection rate.
Also Read: World Economic Forum picks 100 promising start-ups; 9 Indian firms make the cut
The cohort, which has been sanctioned a total of ₹2,192.32 crore in assistance, spans space technology, energy storage, robotics, semiconductors, biotechnology, and healthcare. Spacetech commands the largest share at ₹833.89 crore. Names on the approved list include Dhruva Space, Agnikul Cosmos, GalaxEye, Astrome, Manastu Space, EndureAir Systems, Noccarc Robotics, e-TRNL Energy, Peptris Technologies, Serigen Mediproducts, BigEndian Semiconductors, and ideaForge Technology, among others.
In May 2026, Union Minister Dr Jitendra Singh disbursed the first tranche of ₹50 crore to Bengaluru-based IISTEM Research at a live ceremony in New Delhi. The remaining cohort is working through due diligence before agreements are signed.
For VCs who wrote early cheques into deeptech when it was deeply unfashionable, the RDI fund is structural validation. Vishesh Rajaram, Partner at Speciale Invest — whose bets include Agnikul Cosmos, e-TRNL Energy, and The ePlane Company — calls it "first-of-its-kind" in India.
"Deep tech companies navigating the journey from TRL 4 to TRL 9 have historically faced scarcity of capital — this is often called the second valley of death, where the technology is proven in the lab but not yet a commercial product," he told CNBC-TV18. "For the first time, India has a large-scale, structured mechanism that is patient enough and technically sophisticated enough to support companies through this transformation."
Also Read: Innefu Labs to expand into Agentic AI and defence robotics after $30 million fundraise
On the investor calculus: "The programme proposes to fund up to 50% of a project through long-term, low-cost debt. Every rupee of equity a startup raises can now be leveraged up to 2x — dramatically improving capital efficiency." He’s clear it doesn’t create dependency — "this isn’t a grant, it’s structured debt with real accountability built in."
Countries like the US have had SBIR, DARPA, and DoE loan programmes doing this for decades, Rajaram noted. India now has its own version.
The Space Story Is Global, Not Domestic
One persistent concern about India’s private spacetech sector is the absence of a domestic private customer base. Rajaram pushes back on that framing entirely. "India is one of a very short list of countries with genuine space-faring heritage — that translates into real talent, real infrastructure, and real institutional knowledge. The sector presents India an opportunity to be an exporter of space services and products. The market is truly global."
Agnikul, for instance, already counts customers across India, the Middle East, and Australia.
Under the RDI scheme, the Centre funds up to 50% of a project’s approved cost — the balance comes from the company or private investors. Loans are priced at 3-4% interest over 12-15 years, with equity participation also available. The fund received 124 proposals in its first call and cleared 22 — an 18% selection rate.
Also Read: World Economic Forum picks 100 promising start-ups; 9 Indian firms make the cut
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