IIT Bombay is making an exciting move to boost India’s startup ecosystem and it has come up with the launch of a ₹100-crore Venture Capital (VC) fund. The initiative is being led by Society for Innovation & Entrepreneurship (SINE). It mainly aims to support deep tech startups in sectors like science, biotech, space and defense.
The move is part of SINE’s bigger plan to increase support for startups over the period of next one decade. The primary goal is to help 1,000 startups and currently it is supporting just 245 startups. Its track record is impressive with survival rate of 80%. The existing supported startups have raised more than $942 million in funding and have a combined valuation of $3.56 billion.
The initiative stands out as it has plans to support early-stage startups as most of them face an uphill battle. SINE offers funding as well as the essential resources to the startups like workspace, mentoring and technical expertise.
The VC fund is to focus on startups in sectors of national importance like biotech, defense and space. SINE is planning to tap into its vast alumni network to gain success.
IIT Bombay has always been a hub for innovation and entrepreneurship. It aims to make a substantial impact on India’s deep tech landscape. SINE CEO Shaji Varghese emphasized the need for India to scale startup ecosystem and increase the number of startups from 100 per million to 1,000.
The fund is also learned to target hardware tech startups as these are crucial to the development of India’s tech infrastructure.
