IIT Bombay and Groww Foundation Launch Landmark Partnership to Drive Deep-Tech Innovation

In a significant move aimed at enhancing India’s deep-tech innovation landscape, the Indian Institute of Technology Bombay (IIT Bombay) has announced a landmark partnership with Groww Foundation. This collaboration is designed to accelerate deep-tech innovation and bolster the country’s translational research ecosystem.

Overview of the Partnership

The partnership will introduce a multi-component initiative that empowers student innovators, supports the development of functional prototypes, and creates a seamless pathway for translating breakthrough academic ideas into real-world applications. This initiative will be anchored within the Desai Sethi School of Entrepreneurship (DSSE) at IIT Bombay, leveraging its dynamic ecosystem to provide early-stage teams with the necessary infrastructure, mentorship, and structured evaluation systems.

Statements from Leadership

Prof. Shireesh Kedare, Director of IIT Bombay, expressed enthusiasm about the collaboration, stating, “This partnership with Groww Foundation represents a significant step in strengthening India’s deep-tech innovation pipeline. By bringing together structured programs and a dedicated innovation space, we are creating a comprehensive pathway for students to translate ideas into solutions. This collaboration reinforces IIT Bombay’s commitment to nurturing technologically skilled and socially conscious innovators.”

Kalpana Swaminathan, Head of Groww Foundation, emphasized the foundation’s belief in technology-driven entrepreneurship, saying, “At Groww, we believe that innovation rooted in technology and research-driven entrepreneurship is the key to shaping India’s future. Our partnership with IIT Bombay’s DSSE is designed to unlock the full potential of aspiring student innovators by providing them with the resources and mentorship needed to transform bold ideas into impactful ventures. Together, we aim to build a thriving ecosystem that not only nurtures deep-tech solutions but also contributes to sustainable and inclusive growth across multiple sectors.”

Key Features of the Initiative

Groww Innovation Space

A cornerstone of this collaboration is the Groww Innovation Space, a state-of-the-art 15,000 sq. ft. facility located within the DSSE building. This facility will serve as a hub for innovation, providing students with the resources they need to develop their ideas into functional prototypes.

Annual Grand Challenge

Complementing this physical hub is the launch of an annual Grand Challenge. This challenge will invite interdisciplinary teams of students, researchers, and faculty to develop breakthrough solutions in key focus areas, including:

• Holistic education
• Sustainable livelihood
• Healthcare
• Women’s empowerment

Support for Student Teams

Over a period of four years, student-faculty teams will receive funding and sustained guidance from faculty and mentors. High-performing interdisciplinary student teams will gain potential access to support for incubation. The program aims to provide development support to approximately 100 teams each year as part of their entrepreneurship and capstone coursework, enabling nearly 400 teams over four years to build, test, and refine their solutions.

Impact on India’s Technology Innovation Landscape

This collaboration marks a significant milestone in advancing India’s technology innovation landscape. It aims to foster a new generation of entrepreneurially minded technologists who are committed to sustainably building for the future. By providing students with the necessary resources and mentorship, the partnership seeks to create a robust pipeline of innovative solutions that can address some of the most pressing challenges facing society today.

About IIT Bombay

The Indian Institute of Technology Bombay, established in 1958 as the second IIT, is recognized globally as a leader in science and engineering education and research. The Institute was granted the status of ‘Institution of Eminence’ by the Ministry of Education on July 9, 2018. IIT Bombay is renowned for its distinguished faculty, cutting-edge research, strong industry relations, and the exceptional caliber of students graduating from its undergraduate and postgraduate programs.

With 17 academic departments and 47 other academic entities, IIT Bombay has produced over 75,000 engineers and scientists in the last six decades. The Institute is served by 751 faculty members and about 150 visiting and part-time faculty, who are highly recognized for their contributions to education and research. As of June 19, 2025, IIT Bombay was ranked 2nd in India and 129th in the world in the Quacquarelli Symonds (QS) World University Rankings for 2026.

About Groww Foundation

Groww Foundation is dedicated to building inclusive and sustainable communities across India. The foundation focuses on expanding access to quality education, advancing research and development, and driving skill development initiatives for sustainable livelihoods and improved quality of life.

Through partnerships with nonprofits, educational institutions, governments, and community organizations, Groww Foundation supports technology-driven programs with a focus on long-term impact. These initiatives aim to strengthen essential services and promote socioeconomic empowerment, ensuring wider access to opportunities created by India’s growing digital and economic transformation.

Conclusion

The partnership between IIT Bombay and Groww Foundation represents a promising step toward fostering innovation and entrepreneurship among students. By providing the necessary resources, mentorship, and infrastructure, this collaboration is poised to make a significant impact on India’s deep-tech landscape and contribute to the development of sustainable solutions for the future.

Note: The information presented in this article is based on the latest updates available as of October 2023.