PanIIT, Andhra Govt plan Rs.500-Cr deep-tech fund

PanIIT Alumni India and the Andhra Pradesh government plan to create a INR 500-crore venture fund focused on deep-tech companies.The proposed PanIIT Amaravati Venture Fund will seek capital from IIT alumni, industry and institutional investors and is targeting its first close by July 1, 2027. The fund aims to back at least 25 Andhra Pradesh-based deep-tech ventures by 2030. It also sets a target of incubating at least 50 startups in Andhra Pradesh by 2030.The framework also includes a technology-transfer pipeline to identify research from IITs that can be commercialised in Andhra Pradesh, a 100-member global IIT mentor network and 10 industry chairs across universities and institutions in the state.PanIIT is looking to build a mentor network alongside the fund. A proposed 100-member Global IIT Mentor Network is expected to connect founders with IIT alumni who can provide guidance across product development, go-to-market strategy, scaling and execution. An initial cohort of 25 deeptech startups is expected to be matched with mentors.