Cat I · Managed by IDBI Capital Markets
Catalyzing Innovation and Entrepreneurship
SEBI-encouraged funds — venture capital, SME, social-impact and infrastructure. Close-ended, generally unleveraged.
Maharashtra Innovation and Technological Development Fund (MITDF) is a SEBI-registered Category I Alternative Investment Fund – Venture Capital Fund (IN/AIF1/22-23/1118), registered on August 25, 2022. IDBI Trusteeship Services Limited is the Trustee and IDBI Capital Markets & Securities Limited (ICMS) acts as both Sponsor and Investment Manager. The fund's primary investment objective is to invest in early-stage Maharashtra-incorporated startups and MSMEs with innovative, scalable business models that work towards development or improvement of a product, process, or service — with high potential for wealth and employment creation. MITDF is sector-agnostic but focuses on high-impact domains including healthcare, cyber security, agriculture, clean energy, waste and water management, smart infrastructure, mobility, education, skill development, and fintech. An auxiliary focus is women entrepreneurship in deep tech. Single investment per company per round is capped at ₹10 crore or 10% of committed corpus, whichever is lower. All investee companies must be incorporated in Maharashtra. The fund was prominently announced in June 2022 as a ₹200 crore fund to support women-led deep tech startups in Maharashtra. IDBI Capital Markets & Securities Limited is a wholly owned subsidiary of IDBI Bank Limited, a leading investment banking and securities firm with fund management experience of over 10 years in both listed and unlisted spaces.
Amey Belorkar
Senior Vice President
Amey Belorkar is Senior Vice President at IDBI Capital Markets & Securities Limited and the designated SEBI contact person for MITDF. He oversees investment activities across the fund and has been the primary public spokesperson for MITDF, including in media coverage about the ₹200 crore Maharashtra deep tech and women entrepreneur fund.
Vikram Jain
SEBI Contact Person
Vikram Jain is Assistant Vice President at IDBI Capital Markets & Securities Limited, working across the AIF investment team. He has authored LinkedIn articles on ESG integration in investment decisions and the democratisation of growth through AIFs.
Neville Rodrigues
Manager
Neville Rodrigues is a Manager in the IDBI Capital AIF team, supporting investment evaluation and portfolio management across the Maharashtra funds.
Milind Kale
Assistant Manager
Milind Kale is an Assistant Manager in the IDBI Capital AIF team, supporting fund operations across MITDF and related Maharashtra government-backed funds.
Umesh Ranoliya
Senior Executive
CA
CA Umesh Ranoliya is a Senior Executive in the IDBI Capital AIF team, responsible for financial and compliance aspects of the Maharashtra AIF portfolio.
Vivek Nirvaneshwar
Senior Executive
Vivek Nirvaneshwar is a Senior Executive in the IDBI Capital AIF team, contributing to investment operations and portfolio support.
Mukund Tiwari
Senior Executive
Mukund Tiwari is a Senior Executive in the IDBI Capital AIF team, supporting operations across the Maharashtra government fund portfolio.
AA Sarma
AdvisorSenior Advisor
Mr. AA Sarma serves as Senior Advisor to the IDBI Capital AIF team, providing advisory support across both MITDF and MDAVF. He is also the SEBI-registered contact for the Maharashtra Defence and Aerospace Venture Fund (sibling fund managed by IDBI Capital).
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