- Published on August 27, 2024
- In IT Services
IIT Madras is Emerging as a Major Hub for AI Startups. Here’s Why?
With a commitment to excellence, IIT Madras, a hot spot for tech startups, now wants to focus on AI.
Image by Illustrated by Nikhil Kumar
- By Tarunya S
“Forget Shark Tank, the real startup story is unfolding at IIT Madras Incubation Cell (IITMIC) in the IIT Madras Research Park,” said Aditya Kondawar, partner and vice president at Compcircle, a wealth and asset management firm.
Kondawar is right. Many notable startups, including top names like Ather Energy, Mindgrove Technologies, and MediBuddy, have all emerged from IIT Madras. According to him, IITMIC has an 80% success rate with startups.
Talking about MediBuddy, Kondawar said that it has raised $200 million to date and is currently valued at close to $500 million. He further said that IIT Madras plans to conclude 2024 with 366 patents and 100 new startups and claimed that IITMIC owns “1% equity in many of these companies, making INR 50-60 crore a year”.
Kondawar
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Tarunya S
As a passionate enthusiast of caffeine and journalism, I transform tech into words. I enjoy mountain hikes as much as binge-watching new Netflix series.
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