IIT Bombay SINE venture capital fund worth Rs 100 crore launched for DeepTech startups; which invests in biotechnology, space, science, and more. The Society for Innovation and Entrepreneurship (SINE) at IIT Bombay has announced plans to launch a Rs 100-crore venture capital (VC) fund set to bolster India’s innovation ecosystem by filling funding gaps for startups with significant national importance across sectors like biotechnology, space, science, and defense.
The proposed VC fund marks an important step in SINE’s ambition to expand its support network. SINE plans to incubate over 1,000 ventures over the next ten years, up from 245 nurtured since the beginning. This fund will be particularly aimed at early-stage startups working towards long-term technology development. According to SINE’s CEO, Shaji Varghese: “This will be a specialized fund requiring investors ready for long gestation periods, as is typical for technology product development.
A 20-Year Legacy of Supporting Innovation
On its 20th anniversary, SINE looks back at its terrific track record. Since its inception, SINE has incubated 245 startups, with a staggering 80% survival rate. This outpaces an average of only 20 percent in the industry. Across nearly two decades, these startups have collectively raised $942 million and risen to a valuation of $3.56 billion.
Prominent alumni-led companies have played a crucial role in this success story. IdeaForge, India’s leading drone manufacturer, is one such example. Gupshup-an AI messaging platform-was another story of success. Atomberg, focusing on energy-efficient fans, ImmunoACT (cancer immunotherapy), and Haystack Analytics (genomics for clinical decisions), all were significant company achievements that carried Indian innovation to new heights.
Leaning upon the vast network of IIT Bombay alumni
The fund will seek equity contributions from IIT Bombay’s gigantic alumni network-technology leaders, industry leaders, and entrepreneurship leaders. That would be a huge network that is bound to contribute significantly towards funding the startups as well as mentoring them. Based on an informal green light by the regulators, SINE plans to send out invites to its alumni to participate in this initiative.
Beyond financial support, the fund will provide more than what SINE does-for its incubated startups: prototype labs, mentoring, and access to world-class facilities of IIT Bombay, resources that finally make the difference between bright ideas and commercialization. The institute has recently invested in a Rs 500 crore, state-of-the-art research hub dedicated to supporting emerging fields like semiconductors, space, electric mobility, and so on.
IIT Bombay Focus on Research and Innovation
The focus on emerging technologies is also noticeable in the recent investments for IIT Bombay. The institution is developing a world-class research hub to foster innovation in critical sectors. These sectors are, for instance, electric mobility, space, and semiconductors, which are expected to play key roles in advancing India’s technological capabilities.
Through these initiatives, IIT Bombay is positioning itself as a major player in the development and commercialization of new technologies. The idea is to develop a pipeline of research ideas that are ready for commercialization, fueling further growth in the Indian startup ecosystem.
The Role of SINE in India’s Entrepreneurial Ecosystem
In turn, SINE played a crucial role in defining the entrepreneurial landscape of India. It works closely with the government ministries of the central government to implement startup support programs, further consolidating the entrepreneurial backbone of the country. So far, it has mentored over 60 incubators across the country, touching the lives of many on a pan-national level.
SINE excels in the area of supporting hardware tech startups which face unique issues related to funding. Most sources of traditional funding tend to ignore these types of ventures, but SINE addresses this gap, thereby making sure that hardware startups have access to the resources they need.
Looking Ahead: “Innovation Nation” Event at IIT Bombay
Being consistent with its commitment to scalability, SINE is hosting a two-day event titled “Innovation Nation” at IIT Bombay on November 28–29, aimed at disruptive technologies and India’s gigantic pool of talent. Policymakers, corporate leaders, and entrepreneurs driving innovation across the country will hold discussions at the event.
Deputy director of academics, research, and translation of IIT Bombay, Professor Milind Atrey, stated that the event would be crucial and reiterated, “Our focus is to mainstream entrepreneurship as a pursuit among students and alumni and make them see it as a very viable career.”
DeepTech: India’s Future Innovation Giants
The proposed VC fund would play a major role in transforming India’s deep tech landscape, focusing primarily on early funding stages in sectors such as space, biotechnology, and defense while ensuring that innovative startups can scale and grow the way they should to find success.
IIT Bombay, under this new VC fund with 20 years of legacy support for startups, is set to cement its position as a global leader in technology and innovation.
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