Indian Institute of Management situated in Ahmadabad (IIM- A) which is Centre for Innovation, Incubation and Entrepreneurship (CIIE), as they had already announced about $150 million Bharat Innovation Funds in the middle of 2016, in their first close round they have made to raise fund of $ 50 million, as reported.
Talking about Bharat Innovation Fund, it is in very initial stage of deep technology and almost have all knowledge about how to manage intellectual property which is mainly focusing on venture fund certified from IIM- A with CIIE. CIIE is actually managing the fund for all the entrepreneurs who are present at Ahmadabad.
In 2016 CIIE had already made an announcement that they will provide funds to all the initial stage entrepreneurs of $150 million, and CIIE is ready to collaborate for $100 million entrepreneurs.
The Fund is targeting of funding pre- Series- A and Series- A, ventures have somehow tried to manage a kind of secure commitments with the help of institutional investors which includes banks, insurers, corporates and they also have a fund of funds like SIDBI, ICICI Lombard, Philips, Bjaj Electricals Ltd and RBL Bank, they in their statement.
Kunal Upadhya, Shyam Menon and Ashwin Raguraman, Sanjay Jain and Som Pal Choudhary are the back bone of this fund .
“Entrepreneurs in India are very much competitive about their job in accordance to global at the place of innovation which have expertise in the field of health care and bio tech, agriculture, enterprise and energy all these require a superb artificial intelligence with machine learning, internet of things along with Indian Stack with some other technologies.
CIIE has helped almost 200 start- ups through various programming ideas such as iAccelator Power of Ideas, Powerstart is one of the imperative technology, Indian Innovation Growth Program and start up Oasis along with many others.
In the pervious year, CIIE has incubated many start ups such as Razorpay, Hashcube, Rolocule and Thrillophilia with some others. This launches their India’s first Food and Agriculture- Business as their very first start ups in food and agri- business industry. This happened in the year 2015 with full devotion of entrepreneurs.
In 2013, CIIE have come up with India’s first Clean- Tech which mainly focuses on venture fund, Infuse Ventures, there are many more ventures who work in favour for clean- tech domain.