Centre for Innovation, Incubation and Entrepreneurship (CIIE) of Indian Institute of Management, Ahmedabad (IIM-A), which had earlier announced its $150 million Bharat Innovations Fund in mid-2016, has made the first close of its fund at $50 million, reported LiveMint.

Bharat Innovation Fund is an early-stage, deep-tech and intellectual property-focused venture fund affiliated with the CIIE. CIIE is the fund manager for the entrepreneurship centre at Ahmedabad.

While in 2016 it was announced that the fund will be of corpus $150, CIIE is now targeting a $100 million corpus.

The fund, which will target funding pre-Series-A and Series-A ventures has managed to secure commitments from institutional investors, including corporates, banks, insurers and fund of funds such as SIDBI, ICICI Lombard, Philips, Bajaj Electricals Ltd and RBL Bank, the firm said in a statement.

The fund is managed by Kunal Upadhyay, Shyam Menon and Ashwin Raguraman, Sanjay Jain and Som Pal Choudhury.

“Indian entrepreneurs are producing globally-competitive IP-driven innovations across themes such as healthcare and biotech, agriculture, energy and enterprise tech, enabled by cutting-edge research and trends, including artificial intelligence, machine learning, internet of things and India stack, among others. Bharat Innovation Fund will catalyse these transformational deep-tech start-ups by providing them capital, access to market, strategic inputs and partnership connects,” said Kunal Upadhyay, managing partner, Bharat Innovation Fund.

CIIE has seeded over 200 start-ups across its various programmes such as iAccelerator, Power of Ideas, Powerstart, India Innovation Growth Program and Startup Oasis, among others.

In the past, CIIE incubated startups include Razorpay, Hashcube, Rolocule, and Thrillophilia, among others. In 2015, the centre had launched India’s first Food & Agri-Business accelerator for startups in food and agri-business sector.

In 2013, CIIE had launched India’s first clean-tech-focused venture fund, Infuse Ventures, which has backed start-ups across the clean-tech domain.

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