IIT Bombay’s startup incubator raised Rs 7,600 crore, created 10,000 jobs in 20 years

(From left)Prof Santosh Gharpure professor in charge SINE, Prof Milind Atre, Deputy Director IIT Bombay and Shaji Varghese CEO SINE

The Society for Innovation and Entrepreneurship (SINE) at IIT Bombay, one of India's premier technology business incubator, recently celebrated its 20th anniversary. Over two decades, SINE has nurtured close to 250 startups.

"SINE has incubated startups that have collectively generated over 300 intellectual properties across critical sectors such as ICT, healthcare, cleantech, and industrials. Many of these startups have gone on to become industry leaders," said Professor Santosh J Gharpure, Professor-in-Charge of SINE. Moreover, SINE has mentored over 60 other incubators nationwide under Central government initiatives. "For any Ministry planning a startup program, SINE has become the go-to incubator," he added.

SINE over the years has supported over 245 startups and 1,000 entrepreneurs, with 81 companies currently incubated and 103 having successfully graduated. While 48 ventures have ceased operations, 13 have achieved mergers or acquisitions. Collectively, SINE startups have raised R7,600 crore ($950 million) in funding and have achieved a combined valuation of R29,000 crore ($3.5 billion). These efforts have generated employment for approximately 10,000 people and led to the filing of 300 intellectual property assets.

Celebrating success stories

SINE has played a pivotal role in shaping some of India's most remarkable startup success stories. From pioneering CAR-T cell therapy to developing energy-efficient BLDC technology for fans, its portfolio exemplifies technological innovation. Gupshup became the first academic-incubated company to achieve unicorn status in 2021, while ideaForge was the first to be listed publicly in 2023. Other notable ventures include ImmunoACT (cancer immunotherapy), Atomberg (energy-efficient fans), Sedemac (two-wheeler control systems), SAFE Security (cyber risk management), and Zeus Numerix (autonomous guided munitions).

Looking ahead

As India aspires to increase its startup density, SINE has outlined an ambitious roadmap to expand its operations fourfold over the next decade. "Our focus has been to bridge the gap between academia and the market by fostering an entrepreneurial mindset among students, researchers, faculty, and alumni," said Professor Milind Atrey, deputy director (Academics, Research, and Translation) at IIT Bombay.

SINE startups have not only contributed to economic growth but have also created significant social impact in areas like medtech, clean energy, sustainability, agritech, and mobility. "Startups are selected based on their potential economic, social, or national strategic impact," said Shaji Varghese, CEO of SINE.

To accelerate its expansion plans, SINE is in the process of launching a R100 crore Venture Capital (VC) fund to support deep-tech startups and ventures addressing national priorities. Post regulatory approvals, SINE plans to engage IIT Bombay alumni, many of whom are industry leaders, to raise subscriptions for the fund.

"This fund will be transformative, building on SINE's 20-year legacy of supporting startups that have collectively raised $942 million and achieved a valuation of $3.56 billion. We aim to focus on high-impact sectors such as science, biotech, space, and defense," said Varghese.