India's US$13.6B RDI fund backs first five deep-tech startups
What's the deal? India's Technology Development BoardDealroom has a profile for this one. Try Dealroom → (TDB) has selected the first cohort of five startups under the government's US$13.6B Research, Development and Innovation (RDI) fund. The maiden group — e-TRNL EnergyDealroom has a profile for this one. Try Dealroom →, Dhruva Space, Eyestem Research, Noccarc Robotics, and EndureAir SystemsDealroom has a profile for this one. Try Dealroom → — will build indigenous technologies across space, defence, healthcare, batteries, and biotechnology.
How does the money work? TDB has been allocated US$271.6M to invest in deep-tech companies. Unlike conventional grants, the projects use milestone-based financing: funds arrive only after firms hit agreed technical and financial targets, and each must raise half its requirement from the private sector.
Why this model? Executives said the structure suits deep-tech, where products often need years of engineering, testing, and certification before generating revenue. That makes upfront grants a poor fit for capital that must stretch across long development cycles.
What are they building? Dhruva Space received US$14.3M for Project Garud, the country's first indigenous 500kg-class communication satellite platform, plus a planned 280,000ft² manufacturing facility in Shamshabad, Hyderabad. EndureAir Systems got US$4.07M to build SABAL-200, a heavy-lift unmanned aerial system carrying payloads up to 200kg.
What's the endgame? Dhruva Space chief executive officer Sanjay Nekkanti said the project will let the company build advanced communication satellite constellations and eventually become a global destination for designing, manufacturing, qualifying, and launching them — reducing reliance on foreign technology.
Where does it get used? EndureAir's system is designed for dual use, said founder and chief executive officer Rama Krishna Mendu — supplying troops in high-altitude border regions and carrying equipment for infrastructure projects in remote areas. Such work now relies on helicopters, porters, or pack animals, making logistics expensive and weather-dependent.
The signal: India is testing whether milestone-gated, co-funded capital can push sovereign deep-tech across the long gap between lab and market — betting private money will follow the state's lead into strategic sectors.
Read more: Business Standard
