Hyderabad, December 2, 2024 – India has emerged as a global leader in deep tech innovation, now ranked sixth in the world’s deep tech ecosystems, thanks to focused efforts by the central government and technology business incubators like the Society for Innovation & Entrepreneurship (SINE) at IIT Bombay. This milestone was celebrated at SINE’s 20th-anniversary summit titled “Innovation Nation: Leveraging India’s Talent and Entrepreneurial Spirit in the Era of Disruptive Technologies,” held in Hyderabad on December 2, 2024.
Deep Tech: The New Frontier
Over the past decade, India has transformed into a thriving hub for deep tech startups spanning sectors like space tech, nanomaterials, biotech, and defence. “Non-deep tech VC funds now allocate 10%-20% of their corpus towards deep tech ventures,” noted Jatin Desai, General Partner, Inflexor Ventures. “Incubators like SINE are vital in sourcing innovative startups.”
The once-daunting challenge of securing funding for deep tech ventures has eased, as multiple funding rounds—Series A to D—are now available. “Today, a deep tech venture can confidently raise funds due to the growing number of investors supporting this ecosystem,” added Samir Kapur, General Partner, Athera Venture Partners.
A Bright Future for Aerospace, Defence, and Medtech
The government’s 10-year space policy and increasing global demand have buoyed optimism in sectors like aerospace and defence. Maneck Behramdin, Business Head at Godrej & Boyce, highlighted that India’s aerospace market could grow by 20%-25% annually by tapping domestic and export opportunities.
In medtech, pioneers like ImmunoACT, India’s first gene therapy innovator, have showcased how local IP and end-to-end manufacturing can reduce treatment costs by 90%. “We’ve demonstrated that premium immunological treatments have a viable market in India,” said Professor Rahul Purwar, CEO, ImmunoACT.
Water technology is another area of innovation. VA Tech Wabag, a leader in sewage and water management, shared their success in cities like Chennai, where desalination using green energy has made potable water cheaper than bottled alternatives. “New industries like green hydrogen production will further drive the demand for ultra-pure water,” noted Skandaprasad Seetharaman, Group CFO.
Mobility and Sustainability
The summit also spotlighted advancements in electric mobility. Gajanan Gandhe, Country Head, Dana India, projected that by 2030, 80%-90% of India’s two-wheelers will be electric, supported by innovative solutions like “battery as a service,” which reduces the capital cost of EVs by up to 40%.
Recognizing Innovation: Project Titanium
To propel deep tech startups, SINE launched Project Titanium, awarding ₹50 lakh each to two pioneering ventures:
- Rheoheme – Developing low-cost diagnostic platforms for diseases like sickle cell and malaria.
- Ferry Lifesciences – Innovating a microfluidics device to diagnose and treat anaemia, a condition affecting 50% of Indian women.
Additionally, under the Institution of Eminence scheme, SINE awarded ₹1 crore each to four startups with IIT Bombay roots, focusing on sectors like AI-powered construction, sustainable foundry sand recycling, and semiconductor technology.
A Legacy of Excellence
SINE has supported over 245 startups in 20 years, achieving an 80% survival rate—an extraordinary accomplishment compared to the typical 20% rate for early-stage ventures. “SINE’s impact in fostering transformative innovations is remarkable,” said Ankit Mehta, CEO of Ideaforge.
Looking ahead, SINE aims to drive high-impact innovations addressing national priorities, advancing India as a self-reliant, global “Innovation Nation.”
