Mookerji Innovation Fund (MIF)

About this scheme

PIEDS, the Pilani Innovation and Entrepreneurship Development Society, is BITS Pilani's dedicated Technology Business Incubator, serving as a cornerstone for fostering innovation and entrepreneurship within the BITSian community. With a strong track record of supporting nascent ventures and facilitating their growth, PIEDS leverages the vast intellectual capital and entrepreneurial spirit of BITS Pilani students and alumni. Its mandate is to provide a comprehensive ecosystem that transforms groundbreaking ideas into viable businesses, thereby contributing to India's startup landscape and technological advancement.

The Mookerji Innovation Fund (MIF) is a significant initiative led by PIEDS, BITS Pilani, made possible by a generous endowment from Mr. Sid Mookerji. Mr. Mookerji, an alumnus and successful global tech entrepreneur, established this fund to strategically empower founders affiliated with BITS Pilani, providing essential capital, expert mentorship, and a supportive community of innovators to facilitate the launch and growth of scalable ventures.

This program provides equity-based investment rather than traditional grants, strategically designed to provide crucial early-stage capital. This approach ensures a shared commitment between MIF and the founding teams, aligning interests for long-term growth and success. By offering equity, MIF aims to be a genuine partner, not just a funder, participating in the journey and providing the necessary backing to help BITSian ventures achieve scale and market leadership. Funding is structured to support different stages, with startups able to receive up to Rs. 50 Lakhs when co-investing with another investor, or up to Rs. 20 Lakhs without a co-investment partner. The available cheque size ranges from a minimum of INR 5 Lakhs to a maximum of INR 50 Lakhs. This capital is intended to catalyze the development and scaling of promising BITSian-led startups.

Beyond financial backing, MIF offers extensive non-monetary support, recognizing that early-stage startups require more than just capital. This includes specialized coaching and mentorship provided by seasoned professionals from Silicon Road Ventures, PIEDS' network, and various partner organizations. These mentors bring invaluable industry experience, strategic guidance, and practical advice, helping founders navigate common startup challenges. Founders also gain access to an active community of BITSian builders and entrepreneurs, fostering peer learning, collaboration, and networking opportunities. This community acts as a powerful support system, enabling knowledge exchange and resource sharing. Additionally, select companies may benefit from a strategic bridge to the US market via Silicon Road Ventures, alongside opportunities for institutional VC access, with potential follow-on cheques ranging from $250K to $5M from Silicon Road Ventures. This comprehensive support system is geared towards building robust, sustainable businesses.

Who can apply

• At least one BITSian co-founder must be part of the startup team. The Mookerji Innovation Fund is exclusively for BITSian-led ventures, leveraging the entrepreneurial ecosystem and talent pool within the BITS Pilani community.
• Eligible BITSian co-founders include current students enrolled at any of the four BITS Pilani campuses (Pilani, Goa, Hyderabad, or Dubai), or alumni who have graduated from BITS Pilani within the last five years.
• Startups must be incorporated as a Private Limited company. Other entity types (LLP, partnership, proprietorship) are not eligible.
• Startups should be at the MVP or pre-revenue stage. Preference is given to revenue-generating startups.
• For the Rs. 20 lakh tier (without co-investment), startups must not have received any prior funding from PIEDS. Startups previously funded by PIEDS may still apply for the Rs. 50 lakh tier with external co-investment.
• The investment is equity-based and structured at the time of disbursement.

Eligible entity types: Private Limited

Benefits & funding

• Equity investment ranging from Rs.
• 50 lakh with co-investment from another investor and up to Rs.
• 20 lakh without co-investment.
• Beyond capital, founders receive coaching and mentorship from Silicon Road Ventures, PIEDS, and partner organisations, access to a community of BITSian builders, and a bridge to the US market for select companies.
• Standout ventures are eligible for follow-on institutional cheques of $250K to $5M from Silicon Road Ventures.

How the application process works

The journey below is informational, compiled from the official program guidelines. Applications are submitted directly with PIEDS, in your own name.

1. 1

   Applications are submitted via the PIEDS Accubate form.

2. 2

   The PIEDS team and Silicon Road Ventures evaluate submissions, prioritising MVP and pre-revenue startups with at least one BITSian co-founder.

3. 3

   Preference is given to revenue-generating ventures and startups in DeepTech, women-led, student-led, and high-risk moonshot themes.

4. 4

   Selected startups receive equity investment between Rs.

5. 5

   50 lakh, with the higher band typically requiring co-investment from another investor.

Frequently asked questions