India, Aug. 17 -- India's Deeptech Fund Hits A Hurdle

India's Rs.1 Lakh Cr RDI fund promised to unlock patient capital for deeptech startups. However, its maiden allocation has sparked concerns of opaque processes.

The allegations follow a report that emerged earlier in August which found that 15 out of the 22 companies selected in the first round shared investment ties with seven members of the selection panel. The beneficiaries, including Ather, Agnikul, Dhruva Space and others, received Rs.1,377 Cr of the total Rs.2,192 Cr disbursed capital.

Responding to allegations of conflicts of interest, the government said that conflicted members disclosed their interests and had zero involvement in evaluating or approving the proposals.

The ...