The Tech Panda takes a look at what’s buzzing in the startup ecosystem.
4x scale target for startups in the next decade
Society for Innovation & Entrepreneurship (SINE) the Technology Business Incubator of Indian Institute of Technology Bombay (IIT Bombay), plans to scale up the number of startups it supports over four-fold to 1,000 over the next 10 years.
“SINE has incubated startups that have generated over 300 intellectual properties across critical sectors like ICT, Healthcare, Cleantech and Industrials. Several of these startups have grown into industry-leading companies”, says Professor Santosh J. Gharpure, Professor-in-Charge, SINE.
To give further impetus to its 4X scale up plan over the next decade, SINE plans to launch a Rs 100 crore Venture Capital (VC) fund to support deep tech start-ups and those in areas of national importance. Post finalisation and receipt of regulatory approvals, SINE aims to approach IIT Bombay alumni, many of whom are leaders in their respective fields, to raise subscriptions for the proposed fund.
This fund will be a game-changer, building on SINE’s solid 20-year track record of supporting 245 start-ups that have collectively raised $942 million and are valued at $3.56 billion. The fund will focus on science, biotech, space, defense, and other national priority sectors to drive innovation.
“To have a scale impact, India needs to go from 100 start-ups per million population to 1,000. By leading the way, SINE hopes to emerge as an innovation and entrepreneurship powerhouse focussed on democratising entrepreneurship and providing quality access to coaching, capital and connects to customers and the ecosystem,” adds Mr. Varghese.
SINE is celebrated its 20th year by hosting a two-day event titled, “Innovation Nation: Leveraging India’s Talent and Entrepreneurial Spirit in the Era of Disruptive Technologies”.
SINE offers resources such as shared workspaces, prototype labs, access to high-end IIT Bombay labs, technical expertise, mentoring, and access to funding.
Grants to support over 50 startups with Rs 20 crore in FY25
HDFC Bank, India’s leading private sector bank, launched the eighth edition of its flagship Parivartan Start-up Grants programme. This year, 15+ incubators and accelerators have been selected and onboarded to support 50–60 start-ups working in the social impact space. The programme will award grants of up to INR50 lakh to selected start-ups, with a total programme budget of INR20 crore.
IIT Madras, IIM Ahmedabad Ventures, Villgro,ICAR Pusa Krishi, IIT Guwahati Bionest, ASPIRE – University of Hyderabad, IIM-Calcutta Innovation Park, i-Hub Gujarat, Kerala Start-Up Mission, IFMR Catalyst AIC are among the incubators already shortlisted this year.
Over the next few months, these incubators will invite applications from social entrepreneurs across India. This initiative will culminate in a series of “Demo Day” events, showcasing start-ups to the Bank, investors, corporates, and media, ensuring greater visibility and opportunities for these ventures.
The programme will focus on, AI For social good, climate innovation, financial inclusion, agriculture and sustainable rural economy, education and livelihood enhancement, and gender diversity and inclusion. Selected start-ups will represent diverse regions of India, including Maharashtra, Karnataka, Tamil Nadu, Rajasthan, Uttar Pradesh, Delhi, Haryana and North-East region states.
“Our Parivartan Start-up Grants programme is a testament to our commitment to fostering innovation and addressing critical societal needs. By nurturing social start-ups that are implementing solutions aimed at achieving SDG targets, we aim to support the creation of sustainable, inclusive solutions for communities across India,” said Mr. Kaizad Bharucha, DMD, HDFC Bank.
Technology Adoption Fund to Accelerate India’s Space Sector
Indian National Space Promotion and Authorization Centre (IN-SPACe) launched the Technology Adoption Fund (TAF) to nurture and support the growth of India’s space technology capabilities. This fund is designed to support the transition of early-stage space technologies developed by Indian companies into commercially viable products. By providing partial funding to Non-Government Entities (NGEs), the TAF will support the transition of innovative ideas from the drawing board to a market-ready stage.
The TAF has been created to promote the development of space technology within India while reducing the nation’s dependence on imported solutions. Investing in domestic research and development, the TAF will help building a strong partnership between government bodies and the private sector and position India as a reliable global partner in the space industry.
“The fund will offer financial support of up to 60% of the project cost for startups and MSMEs, and 40% for larger industries, with a maximum funding cap of ?25 Crores per project,” said Dr Pawan Goenka, Chairman, IN-SPACe. “We have designed this fund to help innovators bridge the gap between early-stage development and commercialization. This support will enable companies to refine their technologies, enhance production processes, and meet market demands both within India and abroad. Our focus is on enabling practical solutions that can be quickly integrated into the space ecosystem”, he added.
With TAF, IN-SPACe aims to support a wide range of outcomes—from the development of new space products to the creation of intellectual property that can drive future research and development. The fund will help promote advanced space technologies and contribute to job creation along with economic growth. By funding projects that have the potential to become commercial successes, IN-SPACe is taking concrete steps toward strengthening India’s position in the global space sector.
The Technology Adoption Fund is open to all eligible NGEs/companies that are ready to demonstrate the commercial potential of their innovations. Interested parties are encouraged to register on the IN-SPACe Digital Platform (IDP) at www.inspace.gov.in/taf to review the Guidelines Document and to submit their applications in the prescribed format.
In addition to financial support, the initiative will provide technical guidance and mentoring opportunities, which will help companies navigate challenges during the product development phase. This comprehensive support framework is intended to ensure that innovative ideas are not only protected and refined but also brought to market efficiently.
A collaboration with startups to co-create future-ready logistics solutions
Mahindra Logistics Ltd., an Indian integrated logistics solutions provider culminated its incubator program – Catapult 4.0 – aimed to empower Indian startups by co-creating innovative logistics solutions. This initiative is a part of Mahindra Logistics tech vision to ignite success within the Indian startup ecosystem, catalysing advanced solutions and driving operational excellence in the logistics industry.
The startups are members of Catapult, Mahindra Logistics incubator program. In its 4th edition, eight pioneering startups of Catapult, have engaged with Mahindra Logistics for mentorship and development of solutions in real-world business scenarios to improve product-market fit. The startups designed applications across drones, smart warehousing, efficient MHEs, computer vision, and sustainability to serve customers with disruptive innovative solution integrated to the existing workflow leading to better operational efficiency, optimum resource utilization and efficient supply chain ecosystem. Their solutions and journey were also showcased at the premiere day of CATAPULT 4.0, attended by industry leaders.
Rampraveen Swaminathan, Managing Director & CEO, Mahindra Logistics Limited, said, “The future of logistics is being rewritten by technology with organizations increasingly embracing digital transformation in supply chain management. With the global software market projected to reach $24.19 billion by 2028, we stand at the forefront of an era defined by intelligence, agility, and precision. Innovation is the foundation of next-generation logistics and as we conclude CATAPULT 4.0, we reinforce our commitment to integrating future-ready, tech-powered solutions into the logistics landscape. Congratulations to the winners—we are excited to collaborate and drive transformative change together”.
Secret Labs Announces Latest Grant Recipients & Opens Applications for Q2 2025 Cohort
Secret Labs, the core developer behind privacy AI enabling Secret Network, announced a new cohort of grant recipients, driving forward innovation in privacy-first blockchain technology. Over the past four to five months, they have provided funding to groundbreaking projects that are transforming the landscape of decentralized and privacy-preserving solutions.
Secret Labs has supported several pioneering projects through their grants program. Their latest grant recipients include Unbound Science, awarded a $23.5K grant to develop an innovative platform for funding, preserving, and distributing critical scientific research. This grant will help build an MVP of the Unbound Science platform and foster early adoption. Fina secured a $60K grant to launch Fina P2P, a decentralized, privacy-preserving, cross-chain platform for peer-to-peer trading. The platform is already live on Mainnet and serving its first customers. SolarRepublic received a $30K grant for developing code for SNIP-2x contracts migration.
This grant follows their earlier support for SNIP-2x improvements provided in Q2 2024. The latest developments include enhanced privacy with Delayed Write Buffers and Bitwise Trie of Bucketed Entries, effectively eliminating previous vulnerabilities; improved scalability and user experience through Private Notifications; introduction of the Blanket Permit feature, allowing streamlined token queries; and given the complexity of migration from existing contracts, meticulous testing is underway, with the upgrade of SNIP-20 contracts anticipated later this year.
Secret Labs is now accepting applications for the Q2 2025 grants cohort, which will particularly focus on Confidential AI and Confidential Agents, but also impactful initiatives in DeFi, Gaming, DeSci, and beyond.
JICA, Shriram Finance, ADB, & India Exim Bank Unite to Boost Rural MSMEs
Japan International Cooperation Agency (JICA) signed a loan agreement with Shriram Finance Limited (Shriram) at a ceremony held in Mumbai. The loan is co-financed with Asian Development Bank (ADB) and Export-Import Bank of India (India Exim Bank). This milestone marks JICA’s first co-financing project in India with India Exim Bank and represents a significant step in strengthening cooperation with key financial institutions to support India’s socio-economic development.
JICA loan is designed to strengthen Micro, Small, and Medium Enterprises (MSMEs) involved in agriculture- and food-linked transportation. These enterprises, located primarily in rural and lagging states, are vital to addressing geographical disparities in India, where approximately 65% of the population resides in rural areas. By improving financial access for underserved communities, this initiative aims to enhance rural livelihoods, reduce poverty, and contribute to sustainable economic growth.
The loan aligns with India’s “Priority Sector Lending” policy, led by the Government of India and the Reserve Bank of India, which encourages lending to socially vulnerable groups. It also complements Japan’s global development agenda. Specifically, it reflects the former Prime Minister Fumio Kishida’s commitment, as announced at the G7 Hiroshima Summit in 2023, to promote sustainable development through two facilities: the “Facility for Accelerating Financial Inclusion (FAFI)” and the “Facility for Supporting Agricultural Supply Chain and Food Security Enhancement (SAFE).” These programs, with USD 1.5 billion and USD 1 billion in funding, respectively, aim to address global challenges such as financial inclusion and food security.
Shigeo Honzu, Deputy Director General, JICA Private-Sector Investment Finance Division, stated, “This project is a testament to the strong partnerships we have built with Shriram Finance, ADB, and India Exim Bank. I deeply appreciate the tireless efforts of our partners, which have brought us to this significant moment. This initiative will not only strengthen financial inclusion but also help address critical challenges such as rural poverty and the need for sustainable economic opportunities in India.”
