IIT Bombay’s Society for Innovation and Entrepreneurship

IIT Bombay’s Society for Innovation and Entrepreneurship: Pioneering India’s Deep-Tech Startup Ecosystem

The Society for Innovation and Entrepreneurship (SINE) at IIT Bombay, established in 2004, is a cornerstone of India’s startup ecosystem, nurturing over 200 tech startups valued at $1 billion and creating 5,500 jobs by 2025. With successes like ImmunoACT, IdeaForge, and Detect Technologies, SINE has filed 200+ intellectual properties (IPs) and attracted $736.91 million in funding. Its “Start to Scale” model supports deep-tech ventures in biotech, aerospace, and sustainability. Looking ahead, SINE aims to expand its portfolio, strengthen global partnerships, and scale med-tech and climate-tech startups. Venture capitalists (VCs) are enthusiastic, though hardware startups face funding challenges. Compared to incubators like IITMIC, SIIC, NSRCEL, T-Hub, and C-CAMP, SINE excels in global outreach and industry ties. This note explores SINE’s achievements, investor dynamics, case studies, comparisons, and future outlook.

SINE’s Role in Shaping India’s Startup Landscape

If you’re hunting for a hub where deep-tech dreams turn into reality, IIT Bombay’s Society for Innovation and Entrepreneurship (SINE) is your spot. Since kicking off in 2004, SINE has been a trailblazer, nurturing over 200 startups worth $1 billion and creating 5,500 jobs by 2025. From cancer-fighting biotech to space-tech ventures, SINE’s “Start to Scale” model has birthed game-changers like ImmunoACT and IdeaForge. “SINE is a pioneer in India’s incubation ecosystem,” says CEO Shaji Varghese, and he’s got a point. But how does SINE stack up against giants like IIT Madras Incubation Cell (IITMIC) or T-Hub? Who’s pouring money into these ventures, and what’s next? Let’s dive into SINE’s achievements, the VC buzz, case studies, and its bold plans, with insights from experts and investors.

Achievements of SINE: A 21-Year Legacy

SINE’s journey began in 2004, building on IIT Bombay’s entrepreneurial spirit, which was already sparking with the Entrepreneurship Cell (E-Cell) in 1998. Here’s what SINE has accomplished:

Portfolio Strength: SINE has incubated over 200 startups, with 55 active companies valued at $1 billion, creating 5,500 jobs. “Our startups drive economic growth,” says Poyni Bhatt, former SINE CEO.

  • Intellectual Property: Over 200 IPs, including 41 from IIT Bombay, have been filed. “IP is our core strength,” says Varghese.
  • Notable Successes:
    • ImmunoACT: Launched NexCAR19, India’s first CAR-T cell therapy for cancer, dedicated by President Droupadi Murmu in 2025. “This is a landmark for Indian biotech,” says Rahul Purwar, ImmunoACT founder.
    • IdeaForge: A drone tech leader, serving defense and civilian sectors. “IdeaForge showcases SINE’s deep-tech prowess,” says investor Vinod Keni.
    • Detect Technologies: Specializes in AI-based industrial monitoring. “Their tech is transformative,” says Qualcomm’s Rahul Patel.
  • Industry Collaboration: SINE partners with DST, Intel, Qualcomm, and Canara Bank, offering financial support through schemes like PRAYAS. “Our industry ties are unmatched,” says Bhatt.
  • Global Recognition: Selected as a Centre of Excellence by DST and an implementation partner for nationwide prototyping programs. “SINE’s model is a playbook for India,” says Varghese.
  • Social Impact: Startups like Voltrez Tech (safe lithium-ion batteries) and UrjanovaC (CO2 capture) address global challenges. “SINE’s startups solve real problems,” says Prof. Vikram Vishal, UrjanovaC founder.
  • Events and Workshops: SINE hosts workshops like “IPR: Issues & Considerations” and collaborates with E-Cell for E-Summit, Asia’s largest business conclave. “E-Summit is a startup magnet,” says E-Cell’s Omkar Karnani.

Case Study 1: ImmunoACT

ImmunoACT, incubated by SINE, developed NexCAR19, India’s first CAR-T cell therapy for blood cancer, launched in 2025. Led by Dr. Rahul Purwar, it addresses India’s rising cancer burden (29.8 million cases by 2025). Backed by Laurus Labs, it’s a game-changer. “ImmunoACT makes advanced therapy affordable,” says Purwar. SINE’s mentorship and DST funding were critical. “SINE’s support took us from lab to market,” says co-founder Atharva Karulkar.

Case Study 2: IdeaForge

IdeaForge, a drone tech pioneer, has scaled to serve India’s defense and civilian sectors. Founded by IIT Bombay alumni, it raised $20 million from investors like Florintree. “IdeaForge’s drones are world-class,” says Florintree’s Mathew Cyriac. SINE’s prototyping support and industry connects helped it soar. “SINE gave us the runway to scale,” says founder Ankit Mehta.

Case Study 3: UrjanovaC

UrjanovaC, led by Prof. Vikram Vishal, develops CO2 capture technology for net-zero emissions. With India as the third-largest greenhouse gas emitter, its scalable solutions are vital. “UrjanovaC aligns with India’s 2070 net-zero goal,” says Vishal. SINE’s BioNest incubator provided seed funding, but scaling remains capital-intensive. “Hardware needs patient capital,” says Vishal.

Case Study 4: Voltrez Tech

Voltrez Tech tackles lithium-ion battery safety by reducing dendrite formation. A large pilot is underway, promising safer, longer-lasting batteries. “This could revolutionize energy storage,” says Varghese. SINE’s technical support and industry partnerships have been key. “SINE’s ecosystem is unmatched,” says founder Shreyas Patankar.

Outlook for the Next Five Years

SINE’s vision is to scale its impact and go global. “We’re building a deep-tech powerhouse,” says Varghese. Here’s the plan:

  • Portfolio Expansion: Aim to incubate 100 startups annually, focusing on biotech, climate-tech, and AI. “We’ll double our impact,” says Bhatt.
  • Global Partnerships: Strengthen ties with international organizations and expand BRICS collaborations. “Our Russia partnerships are just the start,” says Patel.
  • Med-Tech Focus: Scale BioNest to support more health-tech startups like ImmunoACT. “Biotech is India’s future,” says Purwar.
  • Climate-Tech Push: Back startups like UrjanovaC to meet India’s 2070 net-zero goal. “Sustainability is non-negotiable,” says Vishal.
  • Mentorship and Funding: Enhance VC-in-house programs and leverage Canara Bank’s Startup Scheme. “Funding access is critical,” says Canara Bank’s Ashok Chandra.
  • IP Growth: Target 300 IPs by 2028. “IP drives valuation,” says Santosh Gharpure, SINE mentor.

Venture Capital and Investor Dynamics

SINE startups have raised $736.91 million, with $3.92 million in seed funding from SINE. “Our startups are VC magnets,” says Varghese. Key investors include:

  • Alumni Investors:
    • Nandan Nilekani (Infosys): Supports SINE’s ecosystem. “SINE’s alumni network is its strength,” he says.
    • Bhavish Aggarwal (Ola): Backs early-stage ventures. “SINE shaped Ola’s journey,” he says.
    • Bharat Desai and Neerja Sethi: Funded the Desai Sethi School of Entrepreneurship. “SINE fosters innovation,” says Desai.
  • Corporate VCs:
    • Laurus Labs: Backed ImmunoACT. “Their biotech innovation is unmatched,” says CEO Satyanarayana Chava.
    • Qualcomm: Supports Detect Technologies. “SINE’s startups are industry-ready,” says Patel.
    • Intel: Funds tech ventures. “SINE’s ecosystem is robust,” says Nivruti Rai.
    • Canara Bank: Partners via the Startup Scheme. “We empower startups,” says Chandra.
  • Angel and VC Firms:
    • Florintree: Invested in IdeaForge. “Drones are the future,” says Cyriac.
    • Blume Ventures: Backs AI startups. “SINE’s tech pipeline is strong,” says Karthik Reddy.
    • 3one4 Capital: Supports med-tech. “SINE’s startups have global potential,” says Pranav Pai.
  • Challenges: Hardware startups like UrjanovaC struggle for funding. “VCs prefer software for quick returns,” says Vishal. Regulatory hurdles also slow biotech ventures like ImmunoACT.

Other Incubation Centers

1. IIT Madras Incubation Cell (IITMIC)

IITMIC, established in 2006, is India’s deep-tech leader, incubating 457 startups valued at ₹50,000 crore. “IITMIC is unmatched in scale,” says Kris Gopalakrishnan. Achievements include:

  • Portfolio: Unicorns like Ather Energy and Uniphore, 11,000 jobs created, and 250+ patents.
  • Funding: ₹12,000 crore raised. “The 80% success rate is a VC’s dream,” says Aditya Kondawar.
  • Comparison: IITMIC’s valuation dwarfs SINE’s, but SINE’s global outreach via BRICS is unique.

2. IIT Kanpur Startup Incubation and Innovation Centre (SIIC)

SIIC, with 300+ startups and a ₹50 crore corpus, excels in hardware. “We’re the hardware hub,” says Prof. Ankush Sharma. Achievements:

  • Portfolio: Bionic Hope (portable X-rays) and EcoKaari (vegan leather). “Our startups solve real problems,” says Sharma.
  • Funding: ₹15 crore in CSR funds in 2023. “Our corpus is a game-changer,” says Vinod Keni.
  • Comparison: SIIC’s hardware focus complements SINE’s broader tech scope, but SINE’s global partnerships are stronger.

3. IIM Bangalore Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL)

NSRCEL supports 55 startups valued at $1 billion, focusing on inclusivity. “We empower diverse founders,” says Venkatesh Panchapagesan. Achievements:

  • Portfolio: Women-led and social ventures like Bellatrix Aerospace. “Inclusivity drives us,” says Panchapagesan.
  • Funding: Seed grants and MOOCs. “Our model scales entrepreneurs,” says Vinod Dham.
  • Comparison: NSRCEL’s broad focus contrasts with SINE’s deep-tech specialization, but SINE’s valuation is comparable.

4. T-Hub (Hyderabad)

T-Hub, launched in 2015, supports 2,000+ startups. “We’re a startup superhighway,” says CEO Mahankali Srinivas Rao. Achievements:

  • Portfolio: Medtronic LABS and Skyroot Aerospace. “We cover all sectors,” says Rao.
  • Funding: ₹2,000 crore raised. “Our VC network is robust,” says Pranav Pai.
  • Comparison: T-Hub’s scale rivals SINE’s, but SINE’s deep-tech focus is sharper.

5. Centre for Cellular and Molecular Platforms (C-CAMP, Bangalore)

C-CAMP, focused on biotech, has incubated 200+ startups. “We’re biotech pioneers,” says Taslimarif Saiyed. Achievements:

  • Portfolio: Sea6 Energy and Bugworks. “Biotech is our forte,” says Saiyed.
  • Funding: ₹500 crore raised. “Our niche attracts specialized VCs,” says Shyam Menon.
  • Comparison: C-CAMP’s biotech focus is narrower than SINE’s, but its patent output is competitive.

Reflection

SINE’s 21-year journey has cemented its status as a deep-tech trailblazer, incubating over 200 startups worth $1 billion and creating 5,500 jobs. “SINE’s model is a playbook for India,” says Shaji Varghese, and its successes like ImmunoACT’s NexCAR19 prove it. The Centre of Excellence status and partnerships with DST, Qualcomm, and Canara Bank showcase its industry clout. Alumni like Nandan Nilekani and corporate backers like Laurus Labs fuel its ecosystem, as Nilekani notes: “SINE’s alumni network is its strength.” Yet, hardware startups like UrjanovaC face funding hurdles, as Vikram Vishal laments: “Hardware needs patient capital.” Regulatory delays, seen with ImmunoACT, also pose challenges.

The next five years look promising with SINE’s focus on biotech, climate-tech, and global partnerships. “We’ll double our impact,” says Poyni Bhatt, and the BRICS collaborations signal global ambitions. Compared to IITMIC’s massive scale, SIIC’s hardware niche, NSRCEL’s inclusivity, T-Hub’s volume, and C-CAMP’s biotech focus, SINE strikes a balance of deep-tech and global outreach. “No single model fits all,” says Bhatt, highlighting India’s diverse incubation landscape.

SINE’s strength lies in its community—faculty, alumni, and industry partners. “SINE fosters innovation,” says Bharat Desai, whose funding birthed the Desai Sethi School. But to lead globally, SINE must address funding gaps for hardware and streamline regulations. “IP drives valuation,” says Santosh Gharpure, and SINE’s 200+ IPs position it well. The challenge is execution—scaling to 100 startups annually while maintaining quality. As Varghese puts it, “We mentor for long-term impact.” SINE’s blend of innovation, mentorship, and partnerships could make it a global deep-tech leader, shaping India’s startup future one breakthrough at a time.

Society for Innovation and Entrepreneurship (SINE) at IIT Bombay: Achievements Report

Overview

  • Established: 2004
  • Portfolio: 200+ startups, 55 active, valued at $1 billion
  • Jobs Created: 5,500
  • Intellectual Property: 200+ IPs, including 41 from IIT Bombay
  • Funding Raised: $736.91 million, with $3.92 million in seed funding from SINE

Key Achievements

  • Notable Startups:
    • ImmunoACT: Launched NexCAR19, India’s first CAR-T cell therapy for cancer (2025).
    • IdeaForge: Drone tech leader, raised $20 million.
    • Detect Technologies: AI-based industrial monitoring.
    • UrjanovaC: CO2 capture technology for net-zero emissions.
    • Voltrez Tech: Safe lithium-ion batteries.
  • Industry Partnerships: Collaborations with DST, Qualcomm, Intel, and Canara Bank.
  • Global Recognition: Centre of Excellence by DST, BRICS partnerships.
  • Events: E-Summit (Asia’s largest business conclave), IPR workshops.

Future Outlook

  • Goal: Incubate 100 startups annually by 2030.
  • Focus Areas: Biotech, climate-tech, AI.
  • Global Expansion: Strengthen BRICS and international ties.
  • IP Target: 300 IPs by 2028.

Challenges

  • Funding: Hardware startups struggle for VC investment.
  • Regulations: Biotech ventures face delays.

Investor Highlights

  • Alumni: Nandan Nilekani, Bhavish Aggarwal, Bharat Desai.
  • Corporate VCs: Laurus Labs, Qualcomm, Intel, Canara Bank.
  • VC Firms: Florintree, Blume Ventures, 3one4 Capital.

References

1.           “SINE IIT Bombay: Annual Report 2024,” SINE Website.

2.           “ImmunoACT’s NexCAR19 Launch,” India Science and Technology, 2025.

3.           “IIT Bombay Entrepreneurial Ecosystem,” IIT Bombay Website, 2023.

4.           “SINE’s Playbook for Incubation,” Indian Express, 2024.

5.           “IdeaForge’s Drone Tech Success,” Business Standard, 2024.

6.           “Voltrez Tech Battery Innovation,” SINE Blog, 2024.

7.           “UrjanovaC’s CO2 Capture,” SINE Website, 2023.

8.           X Post by @SINEIITB, “Project Titanium,” May 2025.

9.           Interview with Shaji Varghese, “SINE’s Impact,” Indian Express, 2024.

10.        “E-Summit 2025,” E-Cell IIT Bombay, 2024

 

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