The Small Industries Development Bank of India (SIDBI) has partnered with the Center for Innovation Incubation and Entrepreneurship (CIIE.CO) at the IIM Ahmedabad (IIM-A) to boost deeptech and scientific innovation in India by providing easier access to seed capital for startups.
The partnership is aimed at establishing the SIDBI Accelerator Fund at IIMA’s CIIE.CO with an initial fund of $20 million with the aim to extend seed investment to early-stage enterprises.
The development is part of SIDBI's "India of Tomorrow" initiative which intends to strengthen India's developmental and funding ecosystem for early-stage startups. The company said it aims to provide equity or equity-like capital to startups via partnerships with top incubation centres.
The fund would focus on sectors including deep tech, hardware, energy, clean tech, pharmaceuticals, biotech, defence innovations, rural and social technologies, industrial technologies, high-quality components, and chips.