BIRAC, TDB may manage key tranches of RDI fund

LEVEL-II MANAGERS FOR ₹1 TRN FUND

- UDISHA SRIVASTAV

The government is likely to appoint two focused research organisations (FROs) — the Biotechnology Industry Research Assistance Council (BIRAC) and the Technology Development Board (TDB) — as second-level fund managers for the proposed ₹1 trillion Research, Development and Innovation (RDI) fund, according to sources.

“BIRAC and TDB have made successful presentations before the government. They have received a verbal go-ahead but are still awaiting formal confirmation, which is likely to come within a week,” one source said.

As second-level custodians, the two organisations will set up separate investment committees comprising venture capitalists and subject-matter experts, which will further pump money into startups. These panels will evaluate proposals and channel capital to high-impact startups. BIRAC will focus on biotech ventures, while TDB will target deeptech companies across sectors.