Chennai, Oct. 23 -- The IIT Madras Research Park (IITMRP) is setting up a Rs 500-crore venture capital fund to support early-stage deep-tech startups across India.

According to Natarajan Malupillai, Group CEO of IITMRP, the fund aims to bridge critical financing gaps faced by startups in the seed, pre-Series A, and Series A stages.

The research park is currently in the process of appointing a fund manager. It plans to include a 25% green-shoe option, which would allow the fund to expand beyond the initial corpus based on demand.

The first close is targeted by March 2026, following approval from the Securities and Exchange Board of India (SEBI).

"The goal is to provide startups with enough runway to develop deep-tech products and attra...