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DST to open applications for RDI Fund managers from January 12

Business Line  

The Department of Science and Technology (DST) will commence accepting applications from “Second Level Fund Managers” (SLFMs) for the Union Government’s INR 1 lakh crore Research, Development and Innovation Fund (RDIF) starting January 12. SLFMs, which include Alternative Investment Funds (AIFs), Development Finance Institutions (DFIs), NBFCs, and specialized Research Organizations (FROs), act as financial intermediaries to channel funds to private companies. The RDIF directly invests in companies through these SLFMs.Following the release of Implementation Guidelines and Notice Inviting Applications for SLFMs in October, the DST conducted outreach activities with stakeholders. Approvals for government agencies, such as the Technology Development Board and the Biotechnology Industry Research Assistance Council (BIRAC), are anticipated by the end of January. These agencies are expected to begin processing applications from industries and startups in the first week of February 2026. The deadline for SLFMs to submit their applications is January 31, 2026.