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IIM Ahmedabad-backed Bharat Innovation Fund has received market regulator Sebi's approval to operate as a venture capital fund.
The Bharat Fund is a public-private-academia partnership set up by IIM Ahmedabad's Centre for Innovation Incubation and Entrepreneurship (CIIE) that helps entrepreneurs turn ideas into viable businesses.
The objective of the fund is to support and provide funding (grants, seed capital, venture capital) and business support to innovation-driven start-ups that solve real problems faced by the masses through technology-enabled and rapidly scalable solutions.
It would focus on healthcare and life-sciences (including biotech, medical devices), sustainability (energy, agriculture, environment, water) and digital technologies (especially in manufacturing, design).
Under the norms, category-I funds get incentives from the government and regulators.
The Department of Biotechnology (DBT) had committed to invest Rs 50 crore in the fund over the next three years to help startup India initiative.
Earlier in September 2015, Prime Minister Narendra Modi during his US visit had announced the launch of the fund at the 'Startup Konnect' event in California.