India doubles down on state-backed venture capital, approving $1.1B fund

India approved a $1.1 billion state-backed fund-of-funds to invest in startups through private VCs, focusing on deep-tech, AI, and manufacturing. The program doubles down on a 2016 initiative that invested $2.8 billion across 1,370 startups. The approval comes as private funding declined 17% to $10.5 billion in 2025, with deal Show more