The fund, affiliated with IIM Ahmedabad and backed by SIDBI, has raised approximately $50m for its first close two years after first being announced.

Bharat Innovation Fund (BIF), a vehicle affiliated with the Centre for Innovation Incubation and Entrepreneurship at Indian Institute of Management Ahmedabad, has raised roughly $50m, according to the Economic Times.

Limited partners include consumer electronics company Philips, insurance provider ICICI Lombard, electrical equipment manufacturer Bajaj Electricals and financial services firm RBL Bank.

Indian government-owned development financial institution Small Industries Development Bank of India provided capital through its Fund of Funds for Startups. A range of unnamed investors have also backed the fund.

BIF is targeting a $100m final close, according to the latest press reports, though the size was rumoured to be $150m when the fund was first revealed in 2016.

The fund will focus on pre-series A and series A-stage startups in deep technology-focused areas such as fintech, renewable energy and agriculture. It will offer access to international networks and distribution channels, sectoral insights and research infrastructure.

The Centre for Innovation Incubation and Entrepreneurship has seeded more than 200 startups over the past decade, with BIF set to exploit the expertise gained from these programs.

BIF was co-founded by managing partners Kunal Upadhyay and Shyam Menon, with founding partner Ashwin Raguraman.

Upadhyay and Menon are also the co-founders of the Centre for Innovation Incubation and Entrepreneurship’s cleantech fund Infuse Ventures, launched in 2012.