The Society for Innovation & Entrepreneurship (SINE) at IIT Bombay is launching a substantial Rs 100-crore venture capital fund aimed at supporting deep tech startups and critical national sectors.

This new fund seeks to significantly increase the number of supported startups from 245 to over 1,000 within the next decade.

SINE's leadership highlights the necessity for India to ramp up its startup output from 100 to 1,000 startups per million population to make a substantial impact.

With a remarkable 80% survival rate among the 245 startups it has incubated, SINE has contributed to over 300 intellectual properties in vital sectors such as ICT, healthcare, and cleantech.

These startups have collectively raised USD 942 million and hold a valuation of USD 3.56 billion, showcasing the success of SINE's incubation efforts.

Current incubated companies at SINE include innovative firms like Haystack Analytics, SustLabs, and Inspecity, which are addressing societal challenges through technology.

The new fund aims to address the funding shortfall for early-stage startups, where traditional investors are often hesitant to invest.

IIT Bombay has also invested Rs 500 crore in a new research facility to advance R&D in emerging fields like semiconductors and quantum computing, which will benefit SINE's startup pipeline.

SINE provides essential resources for early-stage tech startups, including shared workspaces, prototype labs, and access to IIT Bombay's advanced laboratories.

To attract investors for the new fund, SINE plans to engage IIT Bombay alumni, many of whom have become influential leaders in various industries.

In celebration of its 20th anniversary, SINE will host an event titled 'Innovation Nation' on November 28 and 29, 2024, focusing on India's entrepreneurial potential amid disruptive technologies.

SINE has played a pivotal role in enhancing the national startup ecosystem by mentoring over 60 incubators across India under various government initiatives.