Pinnacle Industries founder and chairman Sudhir Mehta took to X on Tuesday and said that after months of reviewing proposals from Indian founders, he is “more optimistic about India's future than at any point.”
As a member of the Technology Development Board's (TDB's) Investment Committee under the Rs 1 lakh crore Research, Development and Innovation (RDI) Fund, Mehta said the first cohort comprises 22 projects involving Rs 4,744 crore in R&D and Rs 2,192 crore in funding from the RDI Fund.
The RDI Scheme, approved by the Union Cabinet in July 2025 and launched in November, aims to increase private-sector participation in research and development and support the development and commercialisation of indigenous technologies. The scheme has a six-year outlay and focuses on research-driven and deeptech innovations, particularly in strategic technology sectors.
The scheme is being operationalised through a Special Purpose Fund within the Anusandhan National Research Foundation (ANRF), with funding channelled to Second-Level Fund Managers (SLFMs). TDB and the Biotechnology Industry Research Assistance Council (BIRAC) have been designated as SLFMs, while the Department of Science and Technology (DST) is the nodal ministry for the scheme.
Mehta said 14 of the 22 projects in the first cohort are startups, while 13 are in deeptech areas including reusable launch vehicles, Earth observation satellites, quantum-secure communication, Indian chip design, drones, robotics and next-generation batteries.
The selected projects are spread across Bengaluru, Chennai, Hyderabad, Mumbai, Thane, Noida and Pune.
“India's problem was never ideas. It was patient capital,” Mehta said, adding that the RDI Fund offers financing at 3-4% interest for up to 15 years, without collateral or personal guarantees.
“We spend 0.64% of GDP on R&D, and private industry funds only about 36% of it. RDIF changes the math: 3 to 4% interest, up to 15 years, no collateral, no personal guarantees. Evaluation in 8 weeks, money in 12. And every rupee comes with two conditions: IP stays in India, control stays with Indian citizens.”
“After sitting across the table from these founders, I have no doubt. India's top notch deeptech companies are being built right now. The capital is ready. The founders are ready. This decade belongs to Indian deeptech."
