Chennai, Jan 4 (KNN) Indian Institute of Technology Madras (IIT-M) has unveiled its ambitious plan to incubate a minimum of 100 startups in the year 2024.

These startups will range across sectors such as quantum, sustainability, green energy, and mobility.

IIT-M Director V Kamakoti expressed excitement about upcoming initiatives and socially-relevant projects that aim to significantly benefit the nation.

“We are looking at closing this financial year with 366 patents,” he said in a release.

Highlighting the innovation landscape, Kamakoti mentioned noteworthy startups emerging from IIT Madras, including Hyperloop startup, ePlane, Agnikul Cosmos, and Mindgrove Technologies.

Under the guidance of the IIT Madras Incubation Cell (IITM IC), the institute's overarching body for nurturing and supporting innovation and entrepreneurship projects, the year 2023 witnessed a successful closure with a portfolio size of 351 deep tech startups.

These startups, incubated across the institute's network of deep tech incubators, collectively boast a valuation of Rs. 45,000 crore (USD 5.4 billion) based on investments raised from external investors.

Notably, the survival rate of these startups stands impressively at 80 per cent, according to Tamaswati Ghosh, Chief of IITM IC.

In recent developments, the launch of IIT-M Zanzibar campus in Tanzania marked a significant milestone, positioning IIT Madras as the first institute to establish an overseas center, claimed Kamakoti.

(KNN Bureau)