IIT-Madras wants to raise ₹200cr for its 1st VC fund
What's the story
The Indian Institute of Technology (IIT) Madras has announced its plan to raise ₹200 crore for its first-ever venture capital fund. The initiative, called the IITM Alumni Fund, will focus on supporting start-ups emerging from its innovation and entrepreneurship ecosystem. The move is part of a broader effort by IITM to nurture cutting-edge start-ups, especially in the deep tech space.
Fund appeal
'Now is the time to give back'
IITM Director Professor V. Kamakoti has appealed to the institute's vast alumni network and investor community to actively participate in this growth journey. "Now is the time to give back. When you give, you get back," he said while announcing the fund. The initiative not only aims at accelerating promising start-ups but also provides a platform for alumni and investors to engage with their alma mater and benefit from India's booming start-up landscape.
Success story
Fund follows IITM's success in deep tech ventures
The announcement of the fund comes after IITM's successful track record in fostering deep tech ventures. This was most recently highlighted by the blockbuster IPO of Ather Energy, an electric scooter start-up born in its labs. The new fund is expected to provide crucial early-stage capital, enabling start-ups to scale rapidly while strengthening IITM's reputation as a powerhouse of innovation.
Structure
Structure of the fund
The terms and structure of the fund are yet to be announced. However, Professor Kamakoti's comments suggest that participation will be open to all alumni and supporters eager to fuel the next wave of technological breakthroughs here.