Dr. K. Radhakrishnan, Chairperson, Board of Governors, IIT Bombay today launched Y-Point Venture Capital Fund, India’s first-ever deep tech venture capital fund by the Society for Innovation & Entrepreneurship -SINE IIT Bombay in the presence of Prof. Shireesh Kedare, Director, IIT Bombay. Prof. Milind Atrey, Deputy Director (Academics, Research and Translation) and Prof. Ravindra Gudi, Deputy Director (Finance, Infrastructure and Administration).
With a total fund size of INR 250 crore, this landmark initiative is set to redefine the trajectory of India's deep tech startups by providing crucial risk capital at an early stage of their journey. For more than two decades, SINE IIT Bombay has been at the forefront of nurturing technological innovation, transforming groundbreaking research into viable enterprises. Having supported over 500 startups, 1000 innovators, SINE understands the unique challenges faced by deep tech ventures – from longer gestation period, higher capital requirement, need for specialized mentorship and market access. The fund is a direct response to address these pain points and is designed to accelerate the journey of a startup from lab to market. The fund will invest in deep tech startups emerging from IIT Bombay and other premier academic and research institutes. It will invest in pre-seed and seed stages across 25-30 startups with a maximum ticket size of INR 15 crore. It will give a big boost to India’s fledging deep tech ecosystem.
The fund will enable meaningful and sustained participation by the private sector in innovation and entrepreneurship ecosystem of IIT Bombay. This INR 250 Crore Deep Tech Fund marks a pivotal moment for SINE IIT Bombay and for India's aspirations to become a global hub for technological innovation. By addressing the critical funding gap and providing comprehensive ecosystem support, SINE is poised to empower groundbreaking ventures that will shape the nation's future.
Prof.
@karandi65 , Secretary, Department of Science & Technology, Government of India congratulated IIT Bombay and appreciated the efforts of SINE. Prof. Nishant Sharma, Professor In Charge, SINE delivered the vote of thanks.