India’s top management institute IIM-Ahmedabad has launched USD 25 million fund for startups working in the areas of financial inclusion, livelihood, education, and health over the next three to four years.
The initiative is known as the Bharat Inclusion Initiative, which aims to invest in startups in fintech, education etc with the help of CIIE.
The Center for Innovation, Incubation & Entrepreneurship (CIIE) planning to channelise approximately USD 25 million over the next 3-4 years towards backing game-changing startups leveraging the ongoing digital transformation in India, it said in a release.
With seed support from Tata Trusts, CIIE has received an initial commitment of USD 12.5 million from the Bill and Melinda Gates Foundation, the Michael and Susan Dell Foundation, and Omidyar Network.
This includes a $5 million commitment for providing support to startups through a series of acceleration programs, focused research, training workshops and piloting partnerships.
In addition, CIIE will also invest in seed and pre-series-A startups through a dedicated Bharat Inclusion Seed Fund which announced its initial closing at USD 7.5 million and is expected to make a final close at USD 15 million by July, it said.
“The Bharat Inclusion Initiative aims to provide a continuum of solutions to inclusion focused tech entrepreneurs across the pre-incubation, seed and scale-up stage and help them jump to the next orbit,” said Neharika Vohra, chairperson, CIIE Initiatives.
To enhance the learning of the entire ecosystem, all research, insights, knowledge, and publications created under the programme will be openly disseminated, according to the release.