SINE at IIT Bombay Sets ₹100 Cr VC Fund, Targets 1,000 Startups by 2034
SINE has been a cornerstone of India’s entrepreneurial ecosystem, having incubated 245 startups to date with a remarkable survival rate of over 80%, compared to the global early-stage startup survival rate of 20%.
The Society for Innovation and Entrepreneurship (SINE), the Technology Business Incubator of IIT Bombay, is scaling up its operations with a goal to incubate 1,000 startups in the next decade—a fourfold increase from its current achievements. Marking its 20th anniversary, SINE announced plans to launch a ₹100 crore Venture Capital (VC) fund to support deep tech startups and sectors of national importance, building on its legacy of supporting 245 startups with a remarkable 80% survival rate.
SINE-backed startups have collectively raised $942 million in funding, achieved a valuation of $3.56 billion, and contributed over 300 intellectual properties across sectors like ICT, healthcare, cleantech, and industrials.
A Legacy of Firsts and Success Stories
SINE holds the distinction of being India’s first academia-backed incubator to produce a Unicorn—Gupshup, an AI-powered messaging platform, and a publicly listed company—IdeaForge, India’s leading drone manufacturer. Other notable alumni include Atomberg (energy-efficient fans), ImmunoACT (genetically modified cancer immunotherapy), and Zeus Numerix (autonomous munitions).
“We aim to bridge the gap between academia and the market by fostering an entrepreneurial mindset among students, researchers, and alumni,” said Professor Milind Atrey, Deputy Director (Academics, Research and Translation), IIT Bombay.
Incidentally, IIT Bombay was among the first IITs to launch a School of Entrepreneurship, offering a minor specialization in entrepreneurship to students across streams. “Our vision is for SINE entrepreneurs to serve as role models, inspiring students to prioritize entrepreneurship over traditional placements,” he added.
New Venture Capital Fund and Scale-Up Plans
To achieve its 4X growth target, SINE plans to establish a ₹100 crore Venture Capital (VC) fund, focusing on deep tech startups and areas of national significance, including biotech, defense, space, and clean energy. The fund, pending regulatory approvals, will draw support from IIT Bombay’s extensive alumni network, many of whom are industry leaders.
“This fund will be a game-changer, enabling us to further scale our impact and support startups in sectors of critical national importance,” said Shaji Varghese, CEO of SINE.
Driving Innovation Across India
Q: Is IIT Bombay good for MBA courses?
MBA is one of the popular courses of IIT Bombay, offered through Shailesh J. Mehta School of Management. The institute has a good ranking in the Management category. Here are few parameters that will help candidates decide if IIT Bombay is a good option for pursuing an MBA:
- Rankings: NIRF has ranked IIT Bombay under the 'Management' Category for three consecutive years. In 2024, NIRF ranked the institute at #10 position among the top MBA institutes in India.
- Placements: IIT Bombay conducts placement drive every year. Students pursuing MBA can get placed in the top companies through the placement drive. The highest and average package offered during SJMSOM IIT Bombay MBA placements 2024 stood at INR 72 LPA and INR 28.01 LPA. Further, the placement rate recorded during SJMSOM MBA placement 2024 was 100%. A total of 48 companies visited the campus during SJMSOM IIT Bombay MBA placements 2024.
- Faculty: As per IIT Bombay Shiksha Reviews, every faculty member here is highly qualified, and many of them have multiple publications in renowned research journals.
Q: Is MSc available in IIT Bombay?
Yes, IIT Bombay offers MSc for two-years. The PG-level course is available in seven specialisations, including Chemistry, Biotechnology, Applied Geology, Applied Geophysics, Mathematics, Physics, Applied Statistics & Informatics. Moreover, the institute also offers MSc + PhD (dual degree) course in three specialisations including Environmental Science & Engineering, Operations Research, Energy Science & Engineering.
Q: Is B.Sc. at IIT Bombay worth the investment?
Based on the feedback from students and alumni, here's a summary of the key points:
Pros:
* Excellent Infrastructure: Modern and well-equipped laboratories, libraries, and sports facilities.
* High-Quality Education: Qualified and experienced faculty members, with a focus on practical learning.
* Good Placement Record: Approx. 88% placement rate, with the highest packages reaching up to INR56 LPA and average packages ranging between INR18-20 LPA.
* Scholarship Opportunities: Availability of scholarships based on family income and merit.
* Research-Oriented Course: Emphasis on hands-on projects and interactions with Ph.D. researchers.
Cons:
* Limited Campus Facilities: Old hostels may require renovation, and some students might feel that the rooms are small.
* Some Faculty Members May Not Be Effective Teachers: While most professors are helpful, some may not be as effective in imparting knowledge.
* Course Curriculum May Need Updates: Some students reported that certain subjects' curricula may not be updated regularly.
Overall Assessment:
Considering the pros and cons, investing in a B.Sc. degree at IIT Bombay appears to be a worthwhile decision. The university offers an excellent education, cutting-edge infrastructure, and strong placement records. Additionally, the availability of scholarships and research opportunities provides a competitive edge for students.
However, it's essential to acknowledge that the campus facilities could improve, and some faculty members may require more effective teaching methods. Nonetheless, these drawbacks seem manageable considering the program's strengths.
Ultimately, whether or not B.Sc. at IIT Bombay is "worth" the investment depends on individual priorities and goals. For those seeking a rigorous academic experience, strong networking opportunities, and career advancement prospects, IIT Bombay's B.Sc. programme seems like a valuable investment.
SINE is not only an incubator but also a national mentor, having handheld over 60 incubators nationwide under central government programs like DST’s NIDHI PRAYAS. It is a preferred partner for several government ministries, including the Ministry of Electronics and IT, Department of Biotechnology, and Ministry of Defence, for implementing startup support initiatives.
SINE has also partnered with corporates in sectors like aerospace, defense, and industrial automation to foster industry-academia collaboration.
Celebrating Two Decades of Innovation
To commemorate its 20th anniversary, SINE will host a two-day event on November 28–29, titled “Innovation Nation: Leveraging India’s Talent and Entrepreneurial Spirit in the Era of Disruptive Technologies”. The event will feature influential speakers, panel discussions, and interactive sessions led by entrepreneurs, bureaucrats, and corporate leaders, focusing on India’s global innovation potential.
Building for the Future
Looking ahead, IIT Bombay has invested ₹500 crore in creating state-of-the-art research facilities to support emerging fields like semiconductors, space, quantum computing, and electric mobility. These facilities will generate a pipeline of research ideas ready for commercialization through SINE.
“SINE’s startups are addressing challenges of both economic and social significance, including sustainability, medtech, agritech, and mobility,” said Professor Atrey. “Our goal is to democratize entrepreneurship by providing startups with access to coaching, capital, and connections.”
As SINE embarks on its next phase, its mission aligns with India’s vision of becoming a global Innovation Nation, driving transformative technological advancements and contributing to self-reliance and economic growth.
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Abhay an alumnus of IIMC and Delhi University, has over a decade long experience of reporting on various beats of journalism. During his free time he prefers listening to music or play indoor and outdoor games.
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