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Bharat Innovation Fund (BIF) is a venture capital fund established in 2018, operating under the CIIE.CO umbrella at IIM Ahmedabad. The fund was created to support early-stage startups that leverage intellectual property (IP) to develop impactful innovations. With a target corpus of $100 million, BIF aims to build companies that provide deep-tech solutions and digitization-led inclusive solutions.
As of late 2025, Bharat Innovation Fund has invested in 27 companies, showcasing its commitment to nurturing Indian startups capable of competing on a global scale. The fund's headquarters are located in Ahmedabad, India, and it primarily focuses on sectors such as healthcare, agriculture, renewables, and advanced technology. BIF is recognized as one of India's prominent dedicated deep-tech venture capital vehicles.
Over the years, BIF has achieved notable milestones, including backing successful companies like CRED, a consumer fintech unicorn, and Setu, a fintech infrastructure platform acquired by Pine Labs. The fund's emphasis on intellectual property as a key differentiator helps startups innovate and scale effectively in competitive markets.
Bharat Innovation Fund invests primarily in deep technology sectors, targeting startups that utilize intellectual property and digitization to create inclusive solutions. The fund focuses on several key sectors, including healthcare, fintech, climate, and digital infrastructure. BIF typically invests at the pre-seed, seed, and Series A stages, with check sizes ranging from $1 million to $3 million, and has expressed intent to extend investments up to $5 million in select cases.
The fund's investment thesis emphasizes the importance of intellectual property as a competitive advantage. BIF seeks to support Indian startups that can develop breakthrough innovations in healthcare, agriculture, renewables, and advanced technology. The firm looks for founders who demonstrate a strong vision and the ability to leverage technology to address significant societal challenges.
Geographically, Bharat Innovation Fund focuses on the Indian market, aiming to empower startups that create inclusive solutions through digitization. The fund's approach combines financial backing with strategic support, leveraging its expertise and network to help portfolio companies scale effectively.
Bharat Innovation Fund has built a diverse portfolio of 27 companies, showcasing its commitment to deep-tech innovation. Notable exits include:
Current portfolio companies include:
Ashwin Raguraman serves as Co-Founder & Partner at Bharat Innovation Fund. He previously held the position of COO at India Innovation Fund and has been instrumental in pioneering India's deep tech investment landscape, focusing on early-stage deep tech ventures.
Kunal Upadhyay is the Managing Partner and founder of CIIE.CO at IIM Ahmedabad, which he started in 2005. He also manages Infuse Ventures and the Bharat Inclusion Seed Fund, bringing extensive experience in supporting startups across various sectors.
Shyam Menon is a Partner & Co-Founder and also serves as Chief Growth Officer at CIIE.CO. His expertise lies in clean-tech and inclusion-focused investments, contributing to the fund's mission of supporting impactful startups.
Sanjay Jain is a Partner and has a background as the former Chief Product Manager at UIDAI (Aadhaar) and Chief Innovation Officer at CIIE.CO. His focus is on digital infrastructure, enhancing the fund's capabilities in this critical area.
Som Pal Choudhury is a Partner with a background as the former Managing Director of Analog Devices, India. He specializes in semiconductor and hardware deep tech, bringing valuable insights to the fund's investment strategy.
Saras Agarwal is a Principal at Bharat Innovation Fund, contributing to the firm's investment activities and supporting portfolio companies.
To pitch Bharat Innovation Fund, founders should utilize the preferred channel of their website at bharat.fund/innovation/contact.html or send an email to apply@bharat.fund. It is advisable to include a clear and concise deck that outlines the startup's vision, technology, market opportunity, and team background. While there is no specific application form disclosed, the fund maintains an open pitch policy, allowing for rolling applications.
Founders should expect a response time that varies based on the volume of pitches received. A well-prepared pitch that aligns with the fund's focus on deep technology and intellectual property will increase the chances of a timely and favorable response.
In April 2025, Bharat Innovation Fund participated in a Series A investment round for Optimized ElectroTech, contributing to a total funding of $6 million. This investment highlights the fund's ongoing commitment to supporting deep-tech startups.
As of late 2025, Bharat Innovation Fund continues to maintain a portfolio of 27 companies, including notable exits such as CRED, Setu, and Prefr. The fund's focus on IP-driven deep-tech solutions remains a cornerstone of its investment strategy.
What are Bharat Innovation Fund's investment criteria?
Bharat Innovation Fund primarily invests in early-stage startups that leverage intellectual property and digitization to create innovative solutions. The fund focuses on sectors such as healthcare, fintech, climate, and digital infrastructure.
How can I apply or pitch to Bharat Innovation Fund?
Founders can pitch to Bharat Innovation Fund through their website at bharat.fund/innovation/contact.html or via email at apply@bharat.fund. The fund maintains an open pitch policy.
What makes Bharat Innovation Fund different from other VCs?
Bharat Innovation Fund distinguishes itself by focusing on IP-driven deep-tech solutions and supporting startups that aim to create inclusive solutions. The fund emphasizes the importance of intellectual property as a competitive advantage.
What is the geographic scope of Bharat Innovation Fund?
The fund primarily focuses on the Indian market, aiming to empower local startups that can compete globally in deep technology sectors.
What is the typical check size for investments?
Bharat Innovation Fund typically invests between $1 million and $3 million in early-stage companies, with the potential to extend investments up to $5 million in select cases.
What kind of post-investment involvement does Bharat Innovation Fund have?
The fund provides strategic support to its portfolio companies, leveraging its expertise in deep technology and access to a network of industry leaders and resources to help startups scale effectively.
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