SUMMARY
- SINE, the technology business incubator at IIT Bombay, plans to grow its network to 1,000 startups over the next 10 years.
- SINE is planning to launch a venture capital fund worth Rs 100 crore.
- The fund will support deeptech startups in biotech, space, defense, and sustainability.
Society for Innovation & Entrepreneurship (SINE), the technology business incubator at IIT Bombay, plans to grow its network to 1,000 startups over the next decade from its current count of 245 startups over the last two decades.
To implement the plan, SINE is planning to launch a venture capital fund worth Rs 100 crore, aimed at supporting deeptech startups in sectors such as biotech, space, defense, and sustainability.
This fund is anticipated to attract investments from IIT Bombay alumni. SINE has supported 245 startups with an 80% survival rate, as shared in a press release.
Santosh J. Gharpure, the Professor-in-Charge of SINE, shared, “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.”
SINE has created startups such as Gupshup, IdeaForge, ImmunoACT, Zeus Numerix, Sedemac, Atomberg, and SAFE Security. The press release also mentioned that SINE has played a critical role in supporting transformative projects in fields like clean energy, agriculture, and transportation, with startups collectively securing $942 million in funding and achieving a valuation of $3.56 billion.
Shaji Varghese, the CEO of SINE, stated, “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.”
As it marks 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. This event will feature discussions with thought leaders and policymakers on India’s entrepreneurial potential.
At present, SINE partners with central ministries and corporations across sectors like IT, aerospace, automotive, and banking, providing resources such as prototype labs, funding opportunities, and advanced facilities at IIT Bombay.
Its portfolio of startups, including Haystack Analytics (genomics), SustLabs (energytech), and Inspecity (spacetech), confirm SINE’s dedication to developing innovative solutions for societal challenges.
Professor Milind Atrey, the Deputy Director (Academics, Research and Translation), IIT Bombay, said, “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.”
