IIT–Bombay’s in house start-up incubator SINE to launch Rs 100-cr VC fund

The fund, as informed by SINE, will focus on science, biotech, space, defense, and other national priority sectors to drive innovation. “Post finalisation and receipt of regulatory approvals, SINE aims to approach IIT Bombay alumni, many of whom are leaders in their respective fields, to raise subscriptions for the proposed fund,” stated the press release issued by the SINE.

Shaji Varghese, CEO of SINE, said, “This will be a specialised fund as it will require capitalists who are interested in a long gestation period as required for development of tech-products.” Varghese spoke about how similar efforts have been taken in universities abroad along with support of alumni networks.

SINE has over the past 20 years supported 245 start-ups with a survival rate of over 80 percent, with companies started by over 50 professors. Currently 81 start-ups are being incubated. The in-house start-up incubator of the premier technology institute in the city, also offers resources such as shared workspaces, prototype labs, access to high-end IIT Bombay labs, technical expertise, mentoring and access to funding. Apart from working with corporates across sectors such as IT, aerospace; defence, auto, industrial, SINE is also a preferred partner for multiple central government ministries for implementation of startup support programmes.

Professor Santosh J Gharpure, professor-in-charge, SINE, said that SINE had incubated startups that have generated over 300 intellectual properties across critical sectors like ICT, Healthcare, Cleantech and Industrials. He said “Several of these startups have grown into industry-leading companies.”

According to Professor Milind Atrey, deputy director (academics, research and translation), IIT Bombay, said the institute had invested Rs 500 crore to create a world-class research facility. ” It will support R&D activities in emerging areas such as semiconductors, space, quantum computing, and electric mobility among others. This will create a strong pipeline for SINE in the form of research ideas that have potential to become bankable ventures,” he added.