Indian Bharat Innovation Fund, an early stage deep-tech and intellectual property focused venture fund, has made a first close of $50 million for its fund.

Bharat Innovation Fund is targeting a total corpus of $100 million.

The fund has managed to secure commitments from institutional investors, including corporates, banks, insurers, and fund of funds such as SIDBI, ICICI Lombard, Philips, Bajaj Electricals, RBL Bank.

The fund would focus on investing in pre-Series A and Series A companies. It will also catalyze the transformational deep technology startups by providing them with capital, access to the market, strategic inputs and partnership connects.