PanIIT Alumni India, an alumni network of the Indian Institutes of Technology, and the Andhra Pradesh government plan to create a 500-crore rupee (US$52 million) deep tech fund in Amaravati, with a first close targeted for July 1, 2027, according to plans presented at the PanIIT Andhra Pradesh Summit in Vijayawada.

The proposed PanIIT Amaravati Venture Fund would seek money from IIT alumni, industry, and institutional investors. It aims to back at least 25 Andhra Pradesh-based deep tech ventures by 2030.

At least 50% of portfolio companies would be expected to base their main research and development or manufacturing operations in the state.

Chief Minister N Chandrababu Naidu said, “You bring money, you bring mentors. I will match your contribution,” but he did not outline a mechanism.

PanIIT has partnered before with IvyCap Ventures, though the available material does not show that the alumni network directly manages venture funds.

The plan also comes as Andhra Pradesh looks to build a quantum startup ecosystem.

Before it can operate, this type of venture fund would typically need to register with the Securities and Exchange Board of India as an Alternative Investment Fund under India’s AIF rules.

🔗 Source: YourStory