The Centre for Innovation, Incubation and Entrepreneurship (CIIE), the incubator program of the Indian Institute of Management (IIM) in Ahmedabad, has reached a first close for Bharat Innovation Fund. Investors in the fund include Small Industries Development Bank of India, financial services firms ICICI Lombard and RBL Bank and corporate investors Philips and Bajaj Electricals. The fund, which is targeting US$100 million in total commitments, will make early-stage investments in technology-focused companies in various sectors in India, including health care, agriculture, energy and financials.