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₹100 crore IIT -B fund to boost tech start-ups
The Free Press Journal
|November 22, 2024
The Society for Innovation and Entrepreneurship (SINE) at IIT Bombay is considering launching a venture capital fund of Rs100 crore to support emerging deep-tech and product-driven startups in sectors like biotechnology, space technology, defence, and clean energy. The announcement comes ahead of SINE"s 20th anniversary celebration on November 28-29.
"This fund will bridge funding gaps for early-stage start-ups leveraging cutting-edge technology, with SINE's expertise guiding the selection of ventures with high potential," said Shaji Varghese, CEO of SINE. The Institute, however, explained the difficulties faced in starting such an initiative. "Implementing a venture capital fund for an academic sector incubator is a complex problem. The returns for investors may not come in a very quick time," explained Santosh J Gharpure, the professor-in-charge of SINE. However, it will be streamlined sooner rather than later, he added.
This story is from the November 22, 2024 edition of The Free Press Journal.
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