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IIT Bombay’s Tech Incubator Plans ?100 Crore VC Fund to Boost Startups

Introduction 

IIT Bombay's technology business incubator, Society for Innovation & Entrepreneurship (SINE), is planning to launch a Rs 100-crore VC fund to support deep tech startups and those in areas of national importance amid plans to scale up the number of startups it supports over four-fold to 1,000 over the next 10 years. 

“To have a scale impact, India needs to go from 100 startups per million population to 1,000,” said SINE CEO Shaji Varghese.

 

IIT Bombay Entrepreneurship 

SINE said, “This fund will be a game-changer, building on SINE's 20-year track record of supporting 245 start-ups -- with a survival rate of over 80 per cent as against low survivability rate (20 per cent) among startups in the early stages of growth -- that have collectively raised USD 942 million and are valued at USD 3.56 billion. SINE plans to scale up the number of startups it supports over four-fold to 1,000 over the next 10 years. To give further impetus to this plan, SINE plans to launch a Rs 100 crore Venture Capital (VC) fund to support deep tech startups and those in areas of national importance.” 

Milind Atrey, Deputy Director (Academics, Research and Translation) at IIT Bombay said, “We focus on supporting early-stage tech startups, particularly in the product hardware space, where the market is still evolving, and challenges are significant.” 

SINE is planning to approach IIT Bombay Alumni after it gets necessary regulatory approvals, to raise subscriptions for the proposed fund. 
 

Follow PlanEdu for more such updates. 

 

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