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Funded start-ups in IIT Madras Incubation Cell valued at Rs 6,000 crore

IITMIC aims to catalyse job creation and positively impact the startup ecosystem across the region

Gireesh Babu  |  Chennai 

Source: Official website of IITM Incubation Cell- www.incubation.iitm.ac.in
Source: Official website of IITM Incubation Cell- www.incubation.iitm.ac.in

Incubation Cell, the umbrella body for nurturing and overseeing innovation and entrepreneurship at IIT Madras, has seen around 46 start ups incubated here, raising around Rs 1613 crore. The start-ups are valued at Rs 6,000 crore. There are 186 start-ups incubated in the Cell, generating over 3,000 jobs and over 100 patents getting filed.

IITM Incubation Cell has been the hub for these start-ups. Their cumulative revenue in 2018-19 was Rs 293 crore.

Tamaswati Ghosh, Chief Executive Officer, Incubation Cell said that out of 186 deep technology start-ups, 157 are active. Nearly 73 startups in the market (i.e. generating revenue) include majority of graduated and some currently incubated companies.

Ghosh added, IITM Incubation Cell expects to incubate 60-100 new deep tech startups in the next one year, offering innovative and disruptive solutions in such critical domains as sustainable low-cost housing, AI/ML, AR/VR, robotics and IOT, nanotechnology, water and sanitation, air quality, batteries, smart mobility and EVs, education, healthcare, agri-tech, automation and manufacturing.

IITMIC will continue to develop systems, partnerships and processes tailored to support the unique needs in the creation and scale-up of deep tech startups. In this process, IITMIC aims to catalyse job creation and positively impact the startup ecosystem across the region.

Prof. Ashok Jhunjhunwala, Co-Chairman, IITMIC and IITMRP, said, “Today, the best minds of the country are either working in startups or leading one and has by far the best startup ecosystem. Every startup coming out of here is totally unique and really touching the sky. Working in the startup is a unique opportunity to learn from the scratch unlike a corporate, 2 years of learning in startup is equivalent to 10 years in a corporate. This is your time to get into them, make a difference to your life first, then to the start-ups and then to the country.

First Published: Tue, July 02 2019. 10:35 IST
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