The Society for Innovation and Entrepreneurship (SINE), the startup incubator at IIT Bombay, has announced an exciting new initiative—a Rs 100 crore venture capital (VC) fund aimed at
The Society for Innovation and Entrepreneurship (SINE), the startup incubator at IIT Bombay, has announced an exciting new initiative—a Rs 100 crore venture capital (VC) fund aimed at supporting deeptech startups in critical sectors like science, biotechnology, space, and defense. This move is part of SINE’s broader strategy to scale up its support for innovation and entrepreneurship in India.
SINE has big plans for the coming decade. As it celebrates its 20th anniversary, the incubator has set an ambitious target to support 1,000 startups by the year 2034, a significant leap from the 245 startups it has already nurtured since its inception. The new VC fund will focus on addressing the early-stage funding gap that many deeptech startups face, especially in fields that require long development cycles and significant investment.
“We are creating a specialized fund aimed at investors who are ready to commit to the long gestation periods that come with developing cutting-edge technology products,” said Shaji Varghese, CEO of SINE.
As SINE celebrates its two decades of success, it’s clear that the incubator has played a pivotal role in India’s innovation ecosystem. Over the years, SINE has seen its startups raise an impressive $942 million in funding and reach a combined valuation of $3.56 billion. What’s even more impressive is the 80% survival rate of its startups—far higher than the industry average of just 20%.
Professor Santosh J. Gharpure, professor-in-charge at SINE, highlighted some of the organization’s biggest successes. SINE’s startups have collectively generated over 300 intellectual properties in crucial sectors like ICT, healthcare, cleantech, and industrials. Many of these ventures have grown into industry leaders, with IdeaForge, India’s top drone manufacturer, and Gupshup, an AI-powered messaging platform, being two of the most well-known success stories.
Other notable alumni-led ventures include Atomberg (a maker of energy-efficient fans), ImmunoACT (focused on cancer immunotherapy), and Haystack Analytics (providing genomics-based clinical decision support).
SINE’s new VC fund will focus on deeptech startups—those working in highly specialized and innovative fields like space exploration, biotech, and defense technologies. These sectors often require larger investments and longer timelines, which can be challenging for early-stage companies to secure. The VC fund aims to bridge this gap by offering crucial financial support to startups in these emerging areas.
This new fund will also lean heavily on IIT Bombay’s extensive alumni network, which includes successful leaders in industries ranging from tech and engineering to finance and healthcare. SINE hopes to attract alumni contributions to fuel the growth of these deeptech startups.
“We’re tapping into a trusted and well-connected network to create a robust ecosystem for fostering innovation,” said Professor Gharpure. With regulatory approval pending, the fund aims to start operations soon and begin investing in high-potential ventures across the country.
India’s startup ecosystem is booming, but deeptech startups often face significant barriers when it comes to securing funding. Traditional investors are sometimes hesitant to back ventures that take years to develop and may require significant capital upfront. SINE’s VC fund is a crucial step towards filling this gap and giving innovative startups the chance they need to thrive.
In addition to funding, SINE offers its incubated startups access to cutting-edge resources, including prototype labs, mentoring, and access to IIT Bombay’s world-class research facilities. This comprehensive support system has helped many of its startups turn ideas into industry-changing products.
To further bolster its support for emerging startups, IIT Bombay has also made a major investment of Rs 500 crore in building a state-of-the-art research hub. This new facility will focus on next-gen industries like semiconductors, space exploration, and electric mobility—all areas that are critical for India’s future growth.
This investment is part of a larger vision to create a pipeline of research-driven innovation that can be commercialized and transformed into high-growth startups. With resources like this, SINE aims to foster a new wave of tech ventures that can compete on the global stage.
SINE’s efforts are more important than ever, as India’s startup ecosystem continues to evolve. Through collaborations with government ministries and support programs, SINE has helped mentor over 60 incubators nationwide. It also plays a vital role in addressing the unique challenges faced by hardware-based startups, which often struggle to find the right kind of funding and support.
With its new VC fund, SINE is not only targeting its own incubation goals but also contributing to the national goal of making India a leader in deeptech innovation. These startups, focused on solving big problems and pushing the boundaries of science and technology, are key to India’s economic growth and technological advancement.
In its ongoing efforts to promote innovation, SINE will be hosting an exciting two-day event, “Innovation Nation”, at IIT Bombay on November 28-29. The event will bring together policymakers, corporate leaders, and entrepreneurs to discuss the role of disruptive technologies and how India’s talent pool can drive the next wave of innovation.
According to Professor Milind Atrey, IIT Bombay’s deputy director of academics, research, and translation, the goal of the event is to inspire the next generation of entrepreneurs, encouraging students and alumni to view entrepreneurship as a viable career path.
With its new venture fund, strong track record, and continued investment in research and innovation, SINE is paving the way for the next generation of deeptech startups in India. The proposed Rs 100 crore VC fund will help fill a major gap in the startup ecosystem and provide much-needed resources to entrepreneurs working in sectors that have the potential to shape the future of the country.
As SINE looks ahead to the next 20 years, it’s clear that the organization’s impact on India’s startup landscape will only continue to grow. With this new initiative, SINE is ensuring that India remains at the forefront of innovation, pushing the boundaries of technology and entrepreneurship.
