SME Futures Editorial
The Society for Innovation and Entrepreneurship (SINE) at IIT Bombay, known as one of India’s pioneering technology business incubators, has announced ambitious plans to scale its operations. Over the next decade, SINE aims to support 1,000 startups, a significant increase from the 245 startups it has nurtured since its inception 20 years ago.
This bold initiative is part of SINE’s vision to position itself as a global innovation powerhouse, driving transformative, high-impact technological advancements across critical sectors.
Since its establishment, SINE has maintained a remarkable 80 per cent survival rate among its incubated startups, far exceeding the global average of 20 per cent for early-stage ventures. These startups have collectively raised $942 million in funding and achieved a combined valuation of $3.56 billion.
Notable alumni include:
– Gupshup, the first unicorn from an academia-backed incubator.
– IdeaForge, a leading drone manufacturer and one of SINE’s startups to go public.
– Other success stories like Atomberg (energy-efficient tech), ImmunoACT (cancer immunotherapy), and SAFE Security (cyber risk management).
Professor Santosh J. Gharpure, Professor-in-Charge at SINE, highlighted the incubator’s impact, “SINE has incubated startups that have generated over 300 intellectual properties in sectors such as ICT, healthcare, cleantech, and industrials. Many have grown into industry leaders, proving the value of our support ecosystem.”
To support its ambitious growth plan, SINE is launching a ₹100 crore Venture Capital fund. The fund will prioritise deep-tech startups and ventures in areas of national importance like defense, biotech, and space technology.
The incubator plans to engage IIT Bombay alumni and other stakeholders to raise subscriptions for the fund. Shaji Varghese, CEO of SINE, emphasised its transformative potential, “This fund will enable us to support startups solving critical challenges. Our goal is to democratise entrepreneurship and provide access to capital, coaching, and customers, ensuring innovation thrives across India.”
SINE’s initiatives align closely with IIT Bombay’s broader efforts to create a robust innovation ecosystem. The institute has invested ₹500 crore in state-of-the-art research facilities, focusing on emerging areas such as semiconductors, quantum computing, and electric mobility. These facilities will serve as a fertile ground for generating bankable startup ideas.
Professor Milind Atrey, Deputy Director of IIT Bombay, noted that, “Our goal is to bridge the gap between academia and the market by fostering an entrepreneurial mindset. We want IIT Bombay students to prioritise entrepreneurship over traditional placements, creating solutions that drive India’s self-reliance.”
SINE’s startups are not only economic drivers but also contribute to national and social priorities. From clean energy and medtech to agritech and mobility, SINE has supported startups that address critical challenges in sustainability and innovation.
The incubator is a preferred partner for multiple government ministries, including the Department of Science and Technology and the Ministry of Defence. It also manages the NIDHI PRAYAS program, supporting over 50 incubators nationwide.
As India’s startup ecosystem matures, SINE is positioning itself at the forefront of this evolution. By focusing on science-driven innovation, equitable access to resources, and industry-academia collaboration, SINE aims to redefine entrepreneurship in India.
Shaji Varghese summarised SINE’s vision: “To achieve scale, India must grow from 100 startups per million people to 1,000. At SINE, we are committed to driving this transformation by creating an ecosystem where innovation thrives.”
With a proven track record and ambitious plans for the future, SINE continues to lead the way as a catalyst for India’s journey toward becoming an “Innovation Nation.”
