SINE at IIT Bombay Sets ₹100 Cr VC Fund, Targets 1,000 Startups by 2034

SINE has been a cornerstone of India’s entrepreneurial ecosystem, having incubated 245 startups to date with a remarkable survival rate of over 80%, compared to the global early-stage startup survival rate of 20%.

The Society for Innovation and Entrepreneurship (SINE), the Technology Business Incubator of IIT Bombay, is scaling up its operations with a goal to incubate 1,000 startups in the next decade—a fourfold increase from its current achievements. Marking its 20th anniversary, SINE announced plans to launch a ₹100 crore Venture Capital (VC) fund to support deep tech startups and sectors of national importance, building on its legacy of supporting 245 startups with a remarkable 80% survival rate.

SINE-backed startups have collectively raised $942 million in funding, achieved a valuation of $3.56 billion, and contributed over 300 intellectual properties across sectors like ICT, healthcare, cleantech, and industrials.

A Legacy of Firsts and Success Stories

SINE holds the distinction of being India’s first academia-backed incubator to produce a Unicorn—Gupshup, an AI-powered messaging platform, and a publicly listed company—IdeaForge, India’s leading drone manufacturer. Other notable alumni include Atomberg (energy-efficient fans), ImmunoACT (genetically modified cancer immunotherapy), and Zeus Numerix (autonomous munitions).

“We aim to bridge the gap between academia and the market by fostering an entrepreneurial mindset among students, researchers, and alumni,” said Professor Milind Atrey, Deputy Director (Academics, Research and Translation), IIT Bombay.

Incidentally, IIT Bombay was among the first IITs to launch a School of Entrepreneurship, offering a minor specialization in entrepreneurship to students across streams. “Our vision is for SINE entrepreneurs to serve as role models, inspiring students to prioritize entrepreneurship over traditional placements,” he added.

New Venture Capital Fund and Scale-Up Plans

To achieve its 4X growth target, SINE plans to establish a ₹100 crore Venture Capital (VC) fund, focusing on deep tech startups and areas of national significance, including biotech, defense, space, and clean energy. The fund, pending regulatory approvals, will draw support from IIT Bombay’s extensive alumni network, many of whom are industry leaders.

“This fund will be a game-changer, enabling us to further scale our impact and support startups in sectors of critical national importance,” said Shaji Varghese, CEO of SINE.

Driving Innovation Across India

SINE is not only an incubator but also a national mentor, having handheld over 60 incubators nationwide under central government programs like DST’s NIDHI PRAYAS. It is a preferred partner for several government ministries, including the Ministry of Electronics and IT, Department of Biotechnology, and Ministry of Defence, for implementing startup support initiatives.

SINE has also partnered with corporates in sectors like aerospace, defense, and industrial automation to foster industry-academia collaboration.

Celebrating Two Decades of Innovation

To commemorate its 20th anniversary, SINE will host a two-day event on November 28–29, titled “Innovation Nation: Leveraging India’s Talent and Entrepreneurial Spirit in the Era of Disruptive Technologies”. The event will feature influential speakers, panel discussions, and interactive sessions led by entrepreneurs, bureaucrats, and corporate leaders, focusing on India’s global innovation potential.

Building for the Future

Looking ahead, IIT Bombay has invested ₹500 crore in creating state-of-the-art research facilities to support emerging fields like semiconductors, space, quantum computing, and electric mobility. These facilities will generate a pipeline of research ideas ready for commercialization through SINE.

“SINE’s startups are addressing challenges of both economic and social significance, including sustainability, medtech, agritech, and mobility,” said Professor Atrey. “Our goal is to democratize entrepreneurship by providing startups with access to coaching, capital, and connections.”

As SINE embarks on its next phase, its mission aligns with India’s vision of becoming a global Innovation Nation, driving transformative technological advancements and contributing to self-reliance and economic growth.