India Makes Global Mark: Ranks Among Top 10 Deep Tech Start-Up Hubs

India has made a significant leap, securing its place among the top 10 global deep-tech start-up ecosystems. A decade ago, the country lacked such an ecosystem, but strategic government initiatives and technology incubators like IIT Bombay’s Society for Innovation & Entrepreneurship (SINE) have propelled it to a commanding position.

“We are today ranked as Number 6 in deep tech ecosystems globally, with even non-deep tech venture capital (VC) funds now allocating around 10%-20% of their corpus towards such ventures,” said Jatin Desai, General Partner, Inflexor Ventures, at SINE's summit, Innovation Nation: Leveraging India's Talent and Entrepreneurial Spirit in the Era of Disruptive Technologies.

The Maturing Deep Tech Ecosystem

India’s deep tech landscape now boasts ventures across sectors like space technology, nanomaterials, biotech, and aerospace. “Most of this deep tech deal sourcing is today coming from incubators such as SINE and each fund’s proprietary networks,” added Desai.

Over the past decade, deep tech enterprises have overcome significant funding hurdles. Samir Kapur, General Partner at Athera Venture Partners, noted that the ecosystem now supports multiple funding rounds from Series A to D, driven by growing investor confidence.

Key sectors like aerospace and defense are poised for exponential growth, supported by government policies and export opportunities. “We believe demand for aerospace and defense can cross the predicted 8% growth mark, reaching 20%-25% annually,” said Maneck Behramdin, Business Head, Aerospace, at Godrej & Boyce.

Diverse Applications of Deep Tech

Deep tech is extending into critical areas such as water management and healthcare. VA Tech Wabag’s Group CFO, Skandaprasad Seetharaman, highlighted their contributions to sewage management and potable water production using innovative, cost-effective desalination techniques.

Medtech innovations are also gaining traction. ImmunoACT, a pioneer in gene cell therapy, has treated over 300 patients while creating an affordable, indigenous value chain for immunological treatments. “We realised that the only way we can make this kind of treatment affordable in India is to have our intellectual property,” said CEO Rahul Purwar.

Mobility is another promising area. “By 2030, I expect 80%-90% of two-wheelers sold in India to be electric,” said Gajanan Gandhe, Country Head, Dana India.

Supporting Innovation Through Grants

To further nurture this growth, SINE has launched the Project Titanium initiative, awarding grants of ₹50 lakh each to promising start-ups. The inaugural recipients, Rheoheme and Ferry Lifesciences are working on affordable diagnostic solutions for diseases like anemia and sickle cell.

Additionally, IIT Bombay announced ₹1 crore investments for four deep tech start-ups under its Institution of Eminence scheme. These include:

1. Exponentialists – AI-driven modeling for construction efficiency.
2. Deccan Crest Engineering – Sand recycling technology for foundries.
3. MatterWave Technologies – Gallium nitride-based semiconductor solutions.
4. iMumbai Semiconductors – Advanced navigation RF receiver chips.

SINE’s 20-year legacy boasts support for 245 start-ups with an 80% survival rate, a remarkable feat in the volatile start-up ecosystem. Reflecting on SINE’s impact, Ankit Mehta, CEO of ideaForge, said, “I am quite excited about the types of companies that SINE attracts.”

Looking ahead, SINE aims to amplify India’s entrepreneurial spirit, fostering innovations that address national priorities and solidify its position as an innovation-driven global leader.

India’s ascent in the deep tech space underscores its potential to not only innovate but also lead the world in creating transformative solutions.

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