The Indian Institute of Technology (IIT) Madras is set to roll out a ₹200 crore venture capital fund aimed at backing early-stage startups, with a sharp focus on deeptech innovations. The fund, named the ‘IITM Alumni Fund’, was officially announced during Sangam 2025, the institute’s annual alumni gathering held recently in Bengaluru.
The fund will operate as a legally independent entity and follow conventional venture capital fund structures. The capital pool will primarily be sourced from IIT Madras alumni and high-net-worth individuals (HNIs) within the broader IIT community and beyond.
The initiative is designed to strengthen the startup ecosystem emerging from the IIT Madras innovation pipeline. Specifically, the fund will target pre-Series A and Series A stage ventures, many of which are incubated at the institute’s Incubation Cell.
Highlighting the institute’s ambitions, IIT Madras Director V Kamakoti stated:
“We aim to raise INR 200 Cr in our first fund through alumni contributions. This is an opportunity for our community to back strong startups and grow together. It also supports our vision of launching 100 deeptech startups every year under the Startup Shatam programme.”
The move comes at a time when several successful alumni ventures—such as electric vehicle manufacturer Ather Energy and AI unicorn Uniphore—have demonstrated the value of early institutional support. Notably, IIT Madras made ₹1.13 crore from the sale of 35,241 shares during Ather’s IPO earlier this year.
The new fund is a key component of the institute’s broader push to foster “the next wave of unicorns.” So far, IIT Madras has incubated over 500 startups, with a combined valuation exceeding ₹50,000 crore (approx. $6 billion).
In addition to the venture fund, the institute operates an expansive Incubation Cell offering startups access to capital, mentorship, infrastructure, and industry linkages. Specialized verticals, such as sports tech, are supported through entities like the Pravartak Technologies Foundation and the Centre of Excellence in Sports Science and Analytics (CESSA). The institute typically invests up to ₹5 crore per startup, often in return for equity.
The upcoming alumni-backed fund is expected to significantly accelerate deeptech innovation in India, reinforcing IIT Madras’ position as a leading startup launchpad in the country.
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