IIT Bombay incubator to scale startup support, launch Rs 100 Cr VC fund
The VC fund will target deep tech startups in key sectors such as biotech, space, defence, and sustainability.
Society for Innovation & Entrepreneurship (SINE), IIT Bombay’s technology business incubator, is set to expand its reach to 1,000 startups over the next 10 years, a big leap from the 245 it has nurtured over the past 20 years.
To fuel its ambitious growth, SINE is set to launch a Rs 100-crore venture capital fund targeting deeptech startups in key sectors such as biotech, space, defence, and sustainability. The fund is expected to receive backing from IIT Bombay alumni.
SINE has supported 245 startups with an impressive 80% survival rate, said the incubator in a press release.
"SINE has incubated startups that have generated over 300 intellectual properties across critical sectors like ICT, healthcare, cleantech and industrials. Several of these startups have grown into industry-leading companies,” said Santosh J. Gharpure, Professor-in-Charge, SINE.
SINE is known for producing startups such as Gupshup, IdeaForge, ImmunoACT, Zeus Numerix, Sedemac, Atomberg, and SAFE Security. It has also supported transformative ventures in areas such as clean energy, agritech, and mobility, with startups collectively raising $942 million and valued at $3.56 billion, the release said.
“To have a scale impact, India needs to go from 100 startups per million population to 1,000. By leading the way, SINE hopes to emerge as an innovation and entrepreneurship powerhouse focussed on democratising entrepreneurship and providing quality access to coaching, capital and connects to customers and the ecosystem,” said Shaji Varghese, CEO, SINE.
Celebrating its 20th anniversary, SINE will host 'Innovation Nation: Leveraging India’s Talent and Entrepreneurial Spirit in the Era of Disruptive Technologies' on November 28 and 29, featuring thought leaders and policymakers discussing India's entrepreneurial potential.
Currently, SINE collaborates with central ministries and corporates across IT, aerospace, auto, and BFSI sectors, offering resources like prototype labs, funding access, and high-end facilities at IIT Bombay.
Its current startups, including Haystack Analytics (genomics), SustLabs (energy tech), and Inspecity (space tech), underline SINE’s commitment to fostering groundbreaking solutions for societal challenges.
“IIT Bombay has invested Rs 500 crore to create a world-class research facility, which will support R&D activities in emerging areas such as semiconductors, space, quantum computing, and electric mobility among others. This will create a strong pipeline for SINE in form of research ideas that have potential to become bankable ventures,” said Professor Milind Atrey, Deputy Director (Academics, Research and Translation), IIT Bombay.
Edited by Swetha Kannan