The fund aims to invest in 1,000 startups over the next 10 years with an average ticket size of INR 2-15 Cr
SINE’s VC Fund will back startups across sectors, including science, medtech, biotech, space and defence among others
IIT Bombay backed incubator claims to have supported SaaS unicorn Gupshup and listed startup ideaForge, earlier
IIT Bombay’s technology business incubator Society for Innovation & Entrepreneurship (SINE) is set to launch its INR 100 Cr (around $11.8 Mn) maiden VC fund to back tech-focused startups.
The fund aims to invest in 1,000 startups over the next 10 years with an average ticket size of INR 2-15 Cr, Inc42 has learnt.
It will back startups across sectors, including science, medtech, biotech, space and defence among others.
SINE has incubated 245 startups so far with 80% survival rate considering the low survivability in the early stage startups, it said in a statement.
“We focus on supporting early stage tech startups, particularly in the product hardware space, where the market is still evolving and challenges are significant,” said Milind Atrey, deputy director (academics, research and translation), IIT Bombay.
For the proposed fund, SINE is planning to reach out to IIT Bombay alumni to raise subscriptions after finalisation and receipt of regulatory approvals.
“At the time of incubation, we select startups on the basis of either economic, social or national strategic standpoint,” said Shaji Varghese, CEO, SINE.
IIT Bombay backed incubator claims to have supported SaaS unicorn Gupshup and listed startup IdeaForge earlier.
Atomberg, Sedemac, ImmunoACT, SAFE Security, Zeus Numerix are the other startups incubated by SINE.
The 245 startups incubated by SINE have collectively raised $942 Mn and are valued at $3.56 Bn, the statement added.
