How to Apply for the RDI Fund: Eligibility, Documents and the Application Process

This guide is the operating manual for an RDI Fund application. It covers who qualifies and who does not, which manager to approach, the steps in order, the documents and why applications fail.

It is written for founders and CFOs of deep-tech startups, SMEs and larger companies preparing for an RDIF raise in the next 6 to 12 months. For what the ₹1 lakh crore fund is and how its money flows, read our companion piece, RDIF funding: a founder's guide.

Three facts shape everything below.

• RDIF gives no grants. It funds through long-term loans, convertible debt or equity, and it makes no short-term loans.
• RDIF covers at most 50%. That is 50% of the assessed project cost for debt, or of each round's value for equity.
• The manager decides. Each fund manager's own investment committee chooses, on its own timeline. RDIF does not evaluate individual investment decisions.

01Who is eligible: the seven tests

We group the rules into seven tests. Fail any one and no manager can fund you, however good the technology. Most come from the revised RDIF Implementation Guidelines of 7 January 2026, in force as of October 2026. The non-government match comes from RDIF's later clarification.

1. You are an Indian legal entity

Any legal entity registered in India qualifies. That covers a company under the Companies Act 2013, a partnership under the Indian Partnership Act 1932 and an LLP under the LLP Act 2008. DPIIT-recognised startups are included.

BIRAC, the Biotechnology Industry Research Assistance Council, has opened its call to startups, SMEs and large industries. If you want equity from an RDIF-backed alternative investment fund (AIF), in our view you need a company, not an LLP or partnership. In our experience, VCs rarely take equity in LLPs or partnerships.

2. Control and global headquarters stay in India

The company must be controlled by resident Indian citizens, as "control" is defined in DPIIT's Consolidated FDI Policy (2020). Its registered global headquarters must be in India, so that global revenue and profit consolidate in the Indian entity.

Foreign investors on the cap table are fine as long as control stays with resident Indians. Watch board-appointment rights and affirmative-vote clauses in your shareholder agreement. The FDI Policy counts the right to appoint a majority of directors, or to control management or policy decisions, as control, even without majority shareholding.

A flipped structure fails. A Delaware or Singapore parent with an Indian operating subsidiary does not qualify, and an Indian subsidiary of a foreign company fails for the same reason. The guidelines never say "flipped", but the headquarters test rules it out.

3. Your technology is at TRL 4 or above

Technology readiness level (TRL) is a nine-step scale that runs from basic research to a proven product. Under the national framework, TRL 4 is component or system validation in a laboratory. RDIF reads it as having at least a laboratory-level prototype. We would add repeatable test data, because a technical reviewer will want to see it.

RDIF does not demand a TRL certificate. Managers can refer to NTRAF, the National Technology Readiness Assessment Framework from the Office of the Principal Scientific Adviser. Our guide to technology readiness levels walks through it level by level.

The Technology Development Board (TDB), a statutory body under the Department of Science and Technology, is one of the two government managers. Its first 22 approved projects started anywhere from TRL 4 to TRL 8, with targets of TRL 6 to 9. Higher readiness is not a disadvantage.

4. The technology is R&D-intensive

RDIF funds technologies with real uncertainty in functionality, adoption, production or standards. Low-end technology projects and routine R&D are excluded. A product upgrade, a new feature on proven technology or a localisation of a mature product will struggle to qualify.

5. You are in a priority sector

The guidelines name energy security and climate action; deep tech, such as quantum, robotics, space and semiconductors; and AI applied to agriculture, health and education. They also name biotech, biomanufacturing, synthetic biology, pharma and medical devices; the digital economy; and technologies vital for strategic or economic security.

The Empowered Group of Secretaries (EGoS), chaired by the Cabinet Secretary, can add sectors. At its meeting on 8 October 2026 it approved five more technologies, which had not been named publicly as of 15 October 2026.

6. You have a defined project

Debt funding is sized against a project proposal with clearly defined deliverables and outcomes. Equity is sized against a funding round that covers the full cost of the objectives you state. Technology acquisition can be financed, but only within a wider project that leads to a product.

7. You can fund the other half

RDIF money cannot exceed 50% of the assessed project cost or round. The balance must come from the company itself or from non-governmental commercial sources, such as private investors, strategic partners or commercial loans. Government grants do not count toward it. Ask the manager before counting a loan from a public-sector bank.

The EGoS can relax the cap "in exceptional types of projects/sectors". Do not plan on it.

Edge cases at a glance

Self-check: do you qualify?

Work down the seven rules in order. Any "no" means fix that gap before you approach a manager, and the order also reflects which fixes take longest.

1. You are a legal entity registered in India. If not, incorporate in India first.
2. Resident Indians control the company, and its global headquarters is in India. If not, reverse the flip or restructure control.
3. A lab-validated prototype puts you at TRL 4 or above. If not, use grants to reach TRL 4 first.
4. The work carries real R&D uncertainty. Routine development does not count, and a project that is only that is not an RDIF project.
5. You are in an RDIF priority sector. If you sit at its edge, make your strategic relevance explicit.
6. You have a defined project with milestones. If not, scope the project and its budget first.
7. The matching 50% is identified from non-government sources. If not, line up the private half first.

Seven yeses mean you are ready to approach a manager. Then pick your route: TDB, BIRAC or one of the 19 cohort managers.

03The application, step by step

Most of the work happens before you submit anything. This is the sequence we follow with clients, and steps 1 to 5 decide whether steps 6 to 10 go smoothly.

Most of the work happens before you submit anything.

1. Confirm eligibility. Run the seven tests above. Fix ownership or domicile issues first, because they take the longest.
2. Assess your TRL honestly. Self-assess each critical subsystem against NTRAF, which rates each critical technology element separately. Investors will read your overall TRL as that of your weakest critical component. Assemble the test data that proves it.
3. Define the project. Set a start TRL and a target TRL, three to six milestones with measurable deliverables, a timeline and a costed budget. TDB's approved projects state both, with starting TRLs from 4 to 8 and targets from 6 to 9.
4. Build the capital stack. Decide the mix of debt, convertible debt and equity. Size RDIF at no more than 50%, and line up the matching half from non-government sources: a term sheet, a board resolution committing internal funds, or a sanctioned loan.
5. Build the financial model. Show the project's cash needs by milestone, the revenue path after it, and how concessional debt is serviced after the moratorium or converts.
6. Choose the manager. Match sector, instrument and cheque size against the route table, since each manager sets its own ticket size. For AIFs, check the fund's thesis and recent investments.
7. Submit. For TDB, apply during an open call. For BIRAC, apply online at biracrdif.org during an open call. For AIFs and FROs, send a deck and project summary, then share the data room under NDA.
8. Go through evaluation and diligence. Expect technical review by domain experts, financial and legal diligence, site visits and an investment committee presentation. Background checks on founders and promoters are standard.
9. Negotiate and sign. A sanction letter or term sheet leads to a loan, optionally convertible debt (OCD) or shareholder agreement. It sets the interest, moratorium, conversion terms, milestones, covenants and reporting obligations.
10. Draw down and report. In our experience, money is released against milestones. You report progress to the manager, which reports to RDIF every half-year and every year.

05How proposals are judged, and why they fail

The first round was selective. TDB received 124 applications, evaluated 51 in depth and selected 22, roughly one in six. Knowing what the evaluators weigh is a large part of landing among the 22.

What do evaluators weigh?

Parliament was told in July 2026 that selection looks at innovation, TRL, commercialisation potential, market, team, implementation plan and strategic impact. The fuller list we work from has seven questions.

• Technical merit and readiness. Is the TRL claim real, and is the target TRL achievable with this budget?
• R&D intensity and national relevance. Does it build Indian IP in a strategic or sunrise area, or substitute critical imports?
• Defensible IP. Can the intellectual property be protected, and does the company own it?
• Manufacturability. Can it be produced at a cost the market will bear?
• Market. Is there a real buyer, shown by named customers, pilots or procurement interest?
• Capital mobilised. How firm is the matching private money?
• Team. Does the team have the technical depth and execution record for the milestones?

What TDB's first round tells you

Two lessons follow. Optionally convertible debt was the most common instrument, used in 17 of 22 projects, so model what conversion does to your cap table. Deep tech dominated, with a tilt to space, quantum and robotics, so companies outside those areas should make their strategic relevance explicit.

Gaps that sink applications

In our experience, these are the gaps most likely to stop an application.

1. An inflated TRL that collapses under technical review.
2. Routine R&D presented as breakthrough work.
3. No firm matching capital, only "in discussions".
4. Control or domicile problems found in the cap table or shareholder agreement.
5. IP owned by founders or a university, not by the company.
6. Vague milestones that cannot be measured or tied to disbursement.
7. A repayment plan built on optimistic revenue, with no downside case.
8. Compliance gaps that stall diligence, such as overdue filings, FEMA lapses or unreconciled books.

07Frequently asked questions

How do you apply for the RDI Fund?

Through one of its 21 approved fund managers, never to RDIF directly. TDB and BIRAC take applications during open calls. The 14 AIFs and 5 FROs take a pitch like any investor, and deploy RDIF money once their agreements with RDIF are signed.

What are the RDI Fund eligibility criteria?

We group them into seven tests, and you need all of them. You must be an Indian legal entity, controlled by resident Indian citizens, with your global headquarters in India. Your technology must be R&D-intensive, at TRL 4 or above, in a priority sector. You need a defined project and a non-government match for at least half its cost. Government entities and CPSEs are excluded unless they partner the private sector on a strategic project.

Is there an RDI Fund application form or portal?

There is no single RDIF form for companies. TDB took applications through its open call, and BIRAC uses its own portal, biracrdif.org. The AIFs and FROs have no RDIF form, so you approach them as you would any investor.

When is the next tdb rdi call?

None had been announced as of 15 October 2026. TDB stopped accepting applications after 30 September 2026, citing administrative reasons. The press linked the pause to a funding gap, and TDB says there is no shortage. Watch tdb.gov.in and the RDIF portal.

Can biotech startups apply through the birac rdi fund?

Yes. BIRAC's call is open to startups, SMEs and large industries in biotechnology and allied areas, with co-investment of ₹5 to 200 crore per company. Phase 1 of its first national call closed on 31 March 2026.

As of July 2026, BIRAC had shortlisted 8 projects involving ₹390.35 crore, and its portal says evaluation is still in progress. No second call had been announced as of October 2026.

Can government grants count toward the matching 50%?

No. The match must come from the company itself or from non-governmental commercial sources. It can include the manager's own money, if that money comes from the manager's non-government investors.

Does my startup need DPIIT recognition?

No. Any legal entity registered in India can qualify, recognised or not.

We have no revenue yet. Can we still apply?

Yes. RDIF sets no norms on revenue, stage or workforce size, and it funds from TRL 4, well before revenue. You still need a credible market and the matching 50%.

What if we are at TRL 3?

You are not eligible yet. Use research grants from ANRF, DST or DBT to reach a lab-validated prototype, then apply. Our grants and schemes guide covers the options, including the NIDHI-PRAYAS prototype grant.

Can RDIF fund buying a technology from abroad?

Only as part of a wider project to develop a product. Technology acquisition on its own does not qualify.

Will RDIF take a board seat?

RDIF invests only through managers, so it never holds a direct stake in your company. The manager that invests may take board or observer rights, as in any investment.

09Sources

• RDIF Implementation Guidelines (revised 7 January 2026) and RDIF's modification and clarification of them, rdifund.anrf.gov.in
• RDIF Frequently Asked Questions, rdifund.anrf.gov.in, 2026
• Pib: rdi funding to start by end of month, TDB and BIRAC approved, 19 January 2026
• PIB: RDIF announces first cohort of 19 second-level fund managers, 12 October 2026; RDIF cohort notice, October 2026
• PIB: Rajya Sabha reply of 23 July 2026 and Lok Sabha reply of 29 July 2026 on the RDI Fund
• Tdb: rdi presentation with terms and the 22 approved projects, 2 June 2026
• Birac-rdi Fund portal, biracrdif.org, accessed 15 October 2026; BioSpectrum on BIRAC's first national call, 14 February 2026
• PIB on the launch of TDB's first call, 4 February 2026; ANI on TDB's 124 proposals, 13 May 2026
• Indian Express investigation, summarised by Vision IAS, 7 August 2026
• PTI via ThePrint, 30 September 2026; Outlook Business, 1 October 2026
• Office of the Principal Scientific Adviser: National Technology Readiness Assessment Framework