The fund, affiliated with IIM Ahmedabad, 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…
