IIT-B incubator to start

Mumbai: The Society for Innovation and Entrepreneurship (SINE), the business incubator at Indian Institute of Technology (IIT) Bombay, is planning to start a ₹100-crore venture capital (VC) fund focused on deep-tech startups in critical areas like science, biotechnology, space and defense. SINE will be the first organisation attached with an educational institute to raise such funds. It has also announced plans to quadruple its support for startups, aiming to incubate 1,000 ventures over the next 10 years.
The ambitious expansion plan builds on SINE’s two-decade long track record in nurturing 245 startups with an 80% survival rate, significantly higher than the industry average of 20%. These startups have collectively raised $942 million and are valued at $3.56 billion.
“The VC fund will be a game-changer, supporting sectors that drive innovation and addressing areas of strategic national importance,” said Shaji Varghese, chief executive officer, SINE, which supports startups in medtech, biotech, clean energy, sustainability, agritech and mobility. Startups are selected for incubation based on their economic, social, or strategic national relevance, he noted.
SINE will approach IIT Bombay alumni, many of whom are industry leaders, to raise subscriptions for the proposed fund following regulatory approvals. “The fund will help bridge the gap in funding for early-stage start-ups where investors are reluctant to invest money,” said Varghese.
Santosh J Gharpure, professor-in-charge at SINE, emphasised its critical role in bridging the gap between academia and industry.
“SINE has supported startups that generated over 300 intellectual properties across key sectors such as ICT, healthcare, cleantech, and industrials. Many have grown into industry leaders,” he said. Notable successes include Gupshup, an AI-powered messaging platform, and IdeaForge, India’s leading drone manufacturer, which went public on the Bombay and Delhi stock exchanges. Other standouts include Atomberg (BLDC fans), Sedemac (control systems for two-wheelers), and ImmunoACT (cancer immunotherapy).
SINE has also contributed to the broader startup ecosystem by mentoring over 60 incubators across India through Central government initiatives. “For any ministry launching a startup programme, SINE is the go-to incubator,” said Gharpure.
To further its mission, SINE will host a two-day event titled ‘Innovation Nation: Leveraging India’s Talent and Entrepreneurial Spirit in the Era of Disruptive Technologies’ on November 28-29 at IIT Bombay. The event will feature prominent speakers, panel discussions, and interactive sessions with entrepreneurs, bureaucrats, and corporate leaders.
“Our focus has always been on early-stage tech startups, especially in hardware products, where challenges are significant. We aim to make entrepreneurship a priority for students and alumni, encouraging them to view it as a viable career path,” said Milind Atrey, deputy director (academics, research, and translation), IIT Bombay.
The incubator also collaborates with corporates across industries, including IT, aerospace, defense and banking.
IIT Bombay has invested ₹500 crore in a cutting-edge research facility to drive research and development in emerging fields like semiconductors, space, quantum computing, and electric mobility. “This will create a strong pipeline of research ideas with the potential to become successful ventures,” said Atrey.