In its first round, a new public fund to support India's deep-tech aspirations in the private sector authorized soft loans of Rs 2,192 crore to 22 private enterprises at the forefront of space research, energy technology, pharmaceuticals, and other fields. A 12-member panel comprising 11 well-known personalities in technology and private equity as well as a non-voting government representative selected these businesses from 124 applications. Each company has established credentials.
However, there is one question mark.
15 of the 22 winners of public funds have investment ties to seven members of the selection committee, according to an investigation by The Indian Express, raising concerns about propriety and conflicts of interest. Together, these earned more than Rs 1,377 crore. The head of the selection panel, who founded an angel investment network and owns a personal interest in at least one of the chosen companies, is connected to nine of the firms.
These individuals are members of the Technology Development Board's (TDB) Investment Committee, one of the two organizations under the Ministry of Science and Technology tasked with selecting companies for the Rs 1 lakh-crore Research, Development and Innovation (RDI) Fund, which was introduced in November 2025.
The seven panelists denied any wrongdoing when approached, claiming that the fund's policies prohibit them from taking part in the evaluation process when they have a conflict of interest. They claimed to have informed the government of their interests beforehand and to have recused themselves from decisions pertaining to companies associated with them in accordance with the standards.
However, Congress Rajya Sabha MP Praveen Chakravarty brought attention to this matter in Parliament. The identities of the seven members who had declared a financial stake in businesses chosen for funding were listed by Science and Technology Minister Jitendra Singh in a written response provided on July 30.
The Union Minister's response did not specify the type or scope of their investments because it was not asked directly. The Department of Science and Technology stated the next day that there was "zero involvement of any conflicted members during the evaluation or sanction process of concerned proposals" and that the choices were made "purely on merit."
In an interview with The Indian Express, Chakravarty proposed that "perhaps, the committee to fund R&D in deep tech can comprise mainly of scientists, academics and others with no for-profit indulgences." The MP stated that "the optics is as important as the intent" and that "commercial viability and financial evaluation can always be received from experts external to the committee."
Examine the conclusions drawn from documents kept by the Registrar of Companies (RoC), Parliament, and official company websites regarding the members of the selection committee and the chosen companies associated with them.
1. Saurabh Srivastava, co-founder of the investment firm Indian Angel Network (IAN) Group and past chairman of the National Association of Software and Service Companies (NASSCOM) and the Indian Venture and Alternate Capital Association (IVCA).
Srivastava is the chair of the TDB's 12-member Investment Committee (IC). According to RoC documents and the IAN website, he has a personal ownership of 0.75 percent in Noccarc Robotics, Pune, for which the RDI Fund granted Rs 11.41 crore. Think about this:
Noccarc Robotics, Pune: Initially and subsequently funded by IAN Group; VISTRA ITCL (India), an IAN Fund trustee, owns a 44.05% share; Srivastava, a director of Noccarc, owns a 0.75% personal investment.
As of March 2025, the Foundation for Innovation & Research in Science & Technology (FIRST), IIT-Kanpur, owns 2.35% of EndureAir Systems, Noida (RDI Fund Rs 30.01 cr); Srivastava is a director of FIRST. financed by the IAN Fund as well.
IAN Fund: BigEndian Semiconductors, Bengaluru (RDI Fund Rs 130 cr).
IAN Fund: e-TRNL Energy, Mumbai (RDI Fund Rs 94 cr).
IAN; Srivastava has one preference share in Dhruva Space, Hyderabad (RDI Fund Rs 105 cr).
As of November 2025, IAN Group had 1,501 shares of Astrome Technologies, Bengaluru (RDI Fund Rs 64.05 cr) thru Vistra ITCL and IAN Services.
IAN Fund: Peptris Technologies, Bengaluru (RDI Fund Rs 86 cr).
Serigen Mediproducts, Pune (RDI Fund Rs 20 cr): IAN Alpha Fund (1,004 preference shares); IAN (5 preference shares).
IAN Services (67 preference shares) of Manastu Space Technologies, Thane (RDI Fund Rs 116 cr).
The IC (Investment Committee) is made up of business experts with an experience in investing and technology.Conflicts of interest are common in such circumstances, not so much because IC members have invested in a company as they are because of investments made by funds in which they are members. The regulations are fairly clear in all of these situations: the IC member in question is required to recuse themselves. The meetings document this, according to Srivastava.
2. Seven of the chosen companies are connected to K R S Jamwal, who departed this year as Executive Director of Tata Industries. According to RoC archives, they consist of:
A Tata Group company, Tejas Networks, Bengaluru (RDI Fund Rs 250 cr). Up to June 2026, Jamwal served as Tata Industries' executive director.
67 preferred shares of Manastu Space Technologies, Thane (RDI Fund Rs 116 cr).
53 preference shares of ThinkMetal, Chennai (RDI Fund Rs 6.7 cr).
Jamwal has also declared holdings in EndureAir Systems, BigEndian Semiconductors, Peptris Technologies, and Noccarc Robotics, according to parliamentary documents. "Even tho there were no financial stakes in my personal or professional capacities, I even recused myself from the Tejas Networks evaluation meeting and decision because I was then ED, Tata Industries," Jamwal stated.
3. 33 preferred shares in Chennai-based Agnikul Cosmos, which was selected for Rs 200 crore under the RDI Fund, are owned by Gopal Srinivasan, Chairman and Managing Director of TVS Capital Funds.
The regulations pertaining to this are quite complex and strict. Members must reveal their interests in businesses that have asked for investment as well as in their competitors, according to Srinivasan. These requirements go above and beyond those of normal ICs in the sector.
4. The founder and chairman of Pinnacle Industries and EKA Mobility, Sudhir Mehta, revealed his stake in Pune-based Replus Engitech (RDI Fund Rs 42.75 cr).
Conflicts of interest of this nature are common. We frequently come across these in financial institutions, banks, and the corporate sector. In these circumstances, complete disclosure and required recusal are the normal protocols. This is also the situation with the RDI Fund. Transparency is crucial, according to Mehta.
5. Sanjay Nayak is an independent director on the board of Bengaluru-based Ather Energy (RDI Fund Rs 211.89 cr) and a co-founder and former CEO of Tejas Networks (RDI Fund Rs 250 cr). "Obviously, the best individuals in the deep-tech ecosystem would be associated with this environment.The fund is concentrated on building a robust deep-tech ecosystem while also providing sufficient protections and protection for public funds, according to Nayak.
6. 65 preferred shares of Pune-based Serigen Mediproducts (RDI Fund Rs 20 cr) are owned by Anand Deshpande, Chairman of Persistent Systems. "No system is flawless. However, extremely clean procedures have already been implemented. Conflicts of interest are something that everyone is aware of, according to Deshpande.
7. According to Parliamentary records, Debashish Bhattacharjee, a former Vise President (Technology and R&D) at Tata Steel and Managing Partner at Lionstead Ventures, has declared stakes in Hyderabad-based NeoSeeker Metals (RDI Fund Rs 10 cr).
Regarding conflicts of interest, I believe it's critical to make sure the procedure is not only equitable but also perceived as such. And I believe that this issue is taken care of by the comprehensive guidelines that have been established and that are scrupulously adhered to in letter and spirit," Bhattacharjee stated.
"I am not casting any aspersions on anyone, and I am not saying some wrongdoing has happened here," stated Rajya Sabha MP Chakravarty. Institutional robustness is the only thing that worries me. I wholeheartedly support the notion that government funding of cutting-edge technology R&D should be mandatory. This is a strategic public goods effort that uses public funds rather than a financial investment program. Therefore, it is crucial to have the procedures correct.
In the business sector, "conflict of interest situations arise pretty often, and are dealt with thru disclosure and recusal," according to Chakravarty. However, public funds and the business world must be distinguished. An extra set of safeguards is needed when handling public funds. Public policy may not benefit from what is sufficient for the corporate world. This kind of project should not only adhere to the highest standards of transparency, but also be perceived as doing so, he stated.
Eyestem Research, Bengaluru (RDI Fund Rs 125 crore); Ubifly Technologies, Mumbai (RDI Fund Rs 285 crore); QuNu Labs, Bengaluru (RDI Fund Rs 150 crore); Galaxeye Space Solutions, Chennai (RDI Fund Rs 63.84 crore); Multi Nano Sense Technologies, Bengaluru (RDI Fund Rs 37.51 crore); ideaForge Technology, Thane (RDI Fund Rs 151 crore); and Endimension Technology, Mumbai (RDI Fund Rs 3 crore).
Lalithesh Katragadda, founder of Indihood Swarja Lab and co-founder of Avanti Finance; Bala C. Deshpande, founder partner of MegaDelta Capital; Jaswinder Ahuja, former corporate vise president and MD of Cadence Design Systems in India; Sudhir Sethi, chairman of Chiratae Ventures; and Secretary, Technology Board (ex-officio, non-voting) are the other members of the TDB committee.
