Pre-Revenue Deep-Tech & Hardware Startups Require Patient Capital: FM at IITMAA Sangam 2026

Bengaluru, September 28, 2026: The 7th edition of IITMAA Sangam, the flagship annual conference of the IIT Madras Alumni Association (IITMAA), concluded today at the Taj MG Road in Bengaluru. The summit united national leaders, industry titans, and innovators around India’s self-reliance agenda under the theme “Atmanirbhar Bharat – Building a Self-Reliant India.”

The event convened policymakers, corporate leaders, technology pioneers, professors, startups, and academic experts to address the pivotal drivers of India’s strategic and economic independence.

Smt. Nirmala Sitharaman, Honourable Minister of Finance & Corporate Affairs, emphasised the need for patient capital and new early-stage funding mechanisms for pre-revenue deep-tech and hardware startups. She noted: “India’s transformation has been driven by sustained efforts to clean up institutions, restore confidence, and open sectors to private participation. The next large investments must focus on AI, semiconductor chips, and quantum computing. MSMEs need AI solutions to compete globally, while startups require patient capital. IITM’s initiative to create a fund to handhold startups exemplifies how academia, industry, and government can work together.”

She added that India could achieve 10%+ GDP growth with sustained collaboration across sectors.

Shri Pralhad Joshi, Honourable Minister of Education, highlighted Sangam’s role in advancing Viksit Bharat 2047. He noted India’s electricity generation capacity has grown from 249 GW in 2014 to 552 GW in 2026, with nearly one-third from renewable sources.

He praised IIT Madras’ contributions:

• 560 startups, including 109 incubated in 2025–26
• Collective valuation of ₹80,000 crore
• 472 patents filed
• ₹950 crore alumni contributions
• Alumni chapters expanded from 16 to 51 in three years

Industry & Academia Insights

• Dr. Sridhar Vembu (Zoho Corporation) warned of foreign tech dependencies, citing disparities in drone warfare costs and the risks of monopolies. He praised India’s NPCI and UPI as indigenous alternatives to foreign card networks.
• Mr. Sridhar Boovaraghavan, President IITMAA, announced the scaling of the Career and Life Coaching (CLIC) initiative, pairing every IIT Madras student with an alumni mentor.
• Prof. V. Kamakoti, Director IIT Madras, highlighted outreach to 53,000 students, 1.5 million learners via NPTEL-SWAYAM, and 583 startups valued at ₹83,000 crore, with 75% incubated in the last two years from outside IIT Madras.

Panel Discussions & Industry Participation
Sessions covered sovereign AI, maritime trade, defence capabilities, and semiconductor supply chains, with insights from Reliance Intelligence, Flipkart, NVIDIA, Texas Instruments, and Tata Electronics.

Clean energy partner U-Solar showcased its 500 MW portfolio across 18 states, delivering 20-30% power savings and Scope 2 decarbonisation for clients like BigBasket, CtrlS Data Centres, Flipkart, and Toyota Kirloskar Motor.

Cultural Finale
The summit concluded with a prestigious award ceremony and a grand cultural performance by acclaimed musician Guitar Prasanna.