The Society for Innovation & Entrepreneurship (SINE) at IIT Bombay is set to introduce a Rs 100-crore venture capital fund. This initiative aims to bolster deep tech startups and those in critical national sectors. SINE plans to increase its support for startups, targeting 1,000 over the next decade, a significant rise from its current figures.

SINE has a strong history of nurturing startups, having supported 245 companies with an impressive survival rate of over 80%. This is noteworthy compared to the typical early-stage startup survival rate of just 20%. These startups have collectively raised USD 942 million and are valued at USD 3.56 billion.

Focus on National Priority Sectors

The new fund will target sectors such as science, biotechnology, space, and defense. These areas are considered vital for national development and innovation. SINE provides resources like shared workspaces, prototype labs, and access to IIT Bombay’s advanced laboratories.

In addition to supporting startups directly, SINE has also guided around 60 other incubators across India under various government schemes. This broad support network enhances the startup ecosystem nationwide.

Engaging IIT Bombay Alumni

Once regulatory approvals are secured, SINE plans to engage IIT Bombay alumni for fundraising. Many alumni have become leaders in their fields and could provide valuable support for the proposed fund.

Santosh J Gharpure, professor-in-charge at SINE, highlighted the platform’s evolution alongside India’s growing startup ecosystem. He noted that SINE has provided crucial early-stage support to over 1,000 entrepreneurs since its inception.

Current Incubated Companies

SINE’s current portfolio includes diverse companies like Haystack Analytics in genomics, SustLabs in sustainable energy technology, Babblebots.ai in voice AI, Inspecity in space technology, and Lifespark Technologies in mobility solutions for Parkinson’s patients.

Shaji Varghese, CEO of SINE, emphasized the need for India to increase its startup density from 100 to 1,000 per million population. This growth is essential for achieving a significant impact on the economy and innovation landscape.

Milind Atrey, Deputy Director of Academics at IIT Bombay, stated that SINE focuses on early-stage tech startups, especially in product hardware. This area presents unique challenges as the market continues to evolve.

The introduction of this venture capital fund marks a strategic step forward for SINE. By expanding its support network and focusing on key sectors, it aims to drive innovation and growth within India’s startup ecosystem.