Bharat Innovation Fund
No summary available yet.
Here's what founders need to know about BIF: they're the rare early-stage fund that actually understands deep tech because they built the ecosystem. Kunal started CIIE at IIM-A back in 2007, and Shyam literally created India's first climate tech fund. These aren't tourists - they've been grinding in deep tech before it was cool. They write $1-3M checks but keep reserves for follow-ons, which shows they're thinking like proper partners, not spray-and-pray investors. The CIIE connection gives them deal flow that others don't see, plus operational support that most VCs can't provide. Flip side? They're thesis-driven to a fault - if you're not IP-heavy or don't fit their 'globally competitive from India' narrative, don't bother. Also, being tied to IIM-A means they move at academic speed sometimes.
- —Best for: Deep tech founders who need patient capital and operational expertise
- —Watch out for: Slow decision-making and rigid thesis requirements around IP differentiation
- —Known for: Strong ecosystem connections through CIIE and hands-on post-investment support
The fund's investment thesis emphasises technological differentiation and scalability, focusing on sectors like deep science, AI, and hardware technologies. We are an early stage venture fund with a mission to invest in IP-driven Indian startups creating breakthrough healthcare, agriculture, renewables, and advanced technology innovations. We focus on the quantum of differentiation and innovation in the technology being developed, ensuring that it is not easily replicable by others.
We typically invest up to USD 5 million per company. We start with USD 1 million to USD 3 million cheques and keep the remaining for follow-on rounds. The fund primarily invests in pre-Series A and Series A rounds. As of Dec 2025, the fund has invested in 27 companies, primarily in Seed round in India based startups. They have invested in Enterprise Applications, High Tech, EdTech and 13 other sectors, across stages such as Seed, Series A and 2 more.
He pioneered India's deep tech investment landscape with India Innovation Fund, later acquired by a global player. Prior to their board and advisory roles, Ashwin co-founded and served as a Partner at Bharat Innovation Fund, a venture capital and private equity firm focused on early-stage, deep-tech, and intellectual property ventures. Earlier in their career, they founded Indiainnovationfund.in and briefly contributed as the Innovation Initiative Head at Nasscom.
Menon, a material scientist by training, has a rich background in startups, venture capital, and disruptive technology. He launched India's first climate tech-focused seed fund, Infuse Ventures, in 2012 and later established Bharat Innovation Fund, India's first deep tech-focused pre-series A and Series A fund, in 2018.
Kunal co-founded IIMA Ventures (earlier referred to as CIIE) in 2007 - setting up India's first acceleration and seed-investing platform. In 2013, Kunal founded the VC platform at CIIE - which now operates funds like the deep-tech focussed Bharat Innovation Fund. He joined CIIE in 2007 and co-founded CIIE's investment arm, raising over $10 million for seed funding of high-tech ventures. He set up the incubator and seed fund, leading the incubation of investment in over 120 seed-stage ventures across the technology sectors.
Have a specific question about Bharat Innovation Fund?
Ask Bernie →