An INR 100-crore venture capital (VC) fund aimed at deep-tech businesses in vital fields like science, biotechnology, space, and defence is to be established by the Society for Innovation and Entrepreneurship (SINE), the business incubator of the Indian Institute of Technology (IIT) Bombay. The first organisation affiliated with an educational institution to obtain such funds will be SINE. With the goal of incubating 1,000 companies over the next 10 years, it has also pledged to treble its support for startups.
With an 80% survival rate - much higher than the industry average of 20% - SINE has fostered 245 businesses over the past 20 years, and this ambitious expansion plan builds on that success. Taken together, these firms have raised $942 million and are worth $3.56 billion, said Shaji Varghese, chief executive officer, SINE - the company that supports startups in medtech, biotech, clean energy, sustainability, agritech and mobility. He also mentioned that the startups are chosen for incubation according to their strategic national importance, economic impact, or social significance.
In order to raise subscriptions for the proposed fund after regulatory permissions, SINE will reach out to IIT Bombay graduates, many of whom are prominent figures in the industry. Varghese, said that the fund will assist in filling the funding gap for early-stage start-ups where investors are hesitant to make financial investments.
SINE's professor-in-charge, Santosh J. Gharpure, underlined the institution's vital role in bridging the gap between academics and industry. In important industries like ICT, healthcare, cleantech, and industrials, SINE has backed entrepreneurs that have produced more than 300 intellectual assets. Many have become leaders in their respective industries, he stated. Notable achievements include IdeaForge, India's top drone manufacturer, which went public on the Bombay and Delhi stock exchanges, and Gupshup, an AI-powered messaging platform. Other notable companies are ImmunoACT (cancer immunotherapy), Atomberg (BLDC fans), and Sedemac (two-wheeler control systems).
Through Central Government efforts, SINE has mentored more than 60 incubators throughout India, thus contributing to the larger startup ecosystem. SINE is the go-to incubator for any ministry launching a startup program, Gharpure stated.
SINE will hold a two-day event at IIT Bombay on November 28 and 29 called "Innovation Nation: Leveraging India's Talent and Entrepreneurial Spirit in the Era of Disruptive Technologies" in order to further its objective. Prominent speakers, panel discussions, and interactive sessions with business executives, bureaucrats, and entrepreneurs will all be included in the event.
Early-stage tech firms have always been our emphasis, particularly in hardware products where there are many obstacles. We want students and graduates to prioritise entrepreneurship and see it as a feasible career path', stated Milind Atrey, IIT Bombay's deputy director of academics, research, and translation.
Additionally, the incubator works with corporates from a variety of industries, such as finance, IT, aerospace, and defence.
To promote research and development in cutting-edge areas including semiconductors, space, quantum computing, and electric mobility, IIT Bombay has spent INR 500 crore in a state-of-the-art research facility. This will establish a robust pipeline of research concepts that have the potential to be profitable endeavours, Atrey stated.
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