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Government tech fund goes to private firms linked to panel that selected them
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The Indian Express
BigEndian Semiconductors, Bengaluru (RDI Fund Rs 130 cr): IAN Fund.
e-TRNL Energy, Mumbai (RDI Fund Rs 94 cr): IAN Fund.
Serigen Mediproducts, Pune (RDI Fund Rs 20 cr): IAN (5 preference shares); IAN Alpha Fund (1,004 preference shares).
Sanjay Nayak is co-founder and former CEO of Bengaluru-based Tejas Networks (RDI Fund Rs 250 cr), and an independent director on the board of Bengaluru-based Ather Energy (RDI Fund Rs 211.89 cr).
The seven remaining private firms with no links to the investment committee are: 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); Endimension Technology, Mumbai (RDI Fund Rs 3 crore).