The Society for Innovation & Entrepreneurship (SINE), IIT Bombay’s technology business incubator, has unveiled plans to launch a ₹100 crore venture capital fund to support deep tech startups and ventures addressing national priorities. This initiative aims to significantly increase the number of startups SINE supports, scaling from 245 to 1,000 over the next decade.
SINE has a strong track record, nurturing 245 startups over 20 years with an impressive 80% survival rate—far exceeding the early-stage startup survival average of 20%. These startups have collectively raised $942 million and are valued at $3.56 billion. Additionally, SINE has mentored over 60 incubators across the country under government initiatives.
Offering shared workspaces, prototype labs, access to IIT Bombay’s cutting-edge facilities, technical guidance, and mentorship, SINE has been instrumental in fostering innovation across diverse sectors. The ₹100 crore fund will target startups in science, biotechnology, space, defense, and other areas of national importance, aiming to drive innovation in these critical sectors. Pending regulatory approvals, SINE plans to involve IIT Bombay alumni, many of whom are industry leaders, to raise subscriptions for the fund.
Professor Santosh J. Gharpure, who oversees the company, reflected on its journey: “When SINE was founded, India’s startup ecosystem was just beginning. Today, it has matured, and we have supported over 1,000 entrepreneurs in their formative stages.”
It’s portfolio includes groundbreaking ventures like Haystack Analytics (genomics-based clinical solutions), SustLabs (sustainable energy technologies), Babblebots.ai (Voice AI for interviews), Inspecity (space technology), and Lifespark Technologies (mobility aids for Parkinson’s patients).
SINE CEO Shaji Varghese emphasized the need for scale: “India must grow from 100 startups per million people to 1,000 for significant impact.” Milind Atrey, IIT Bombay’s Deputy Director for Academics, Research, and Translation, highlighted the challenges in supporting early-stage hardware and product tech startups, a market still in its infancy but full of potential.
This initiative marks a significant step in strengthening India’s startup ecosystem and driving innovation in critical areas of science and technology. Established in 1958, IIT Bombay is recognized globally as a leader in engineering education and research. The institute was declared an ‘Institution of Eminence’ by the Ministry of Education in 2018. With over 70,000 graduates and a faculty of 715, IIT Bombay has consistently been ranked among the top institutions worldwide. It recently secured 45th place in the QS World University Rankings for Engineering and Technology in 2024.
