IIT Madras targets 1,000 startups by 2032, eyes one IPO every month

IIT Madras aims to cultivate around 1,000 startups by 2032, with the aspiration of one achieving an initial public offering (IPO) each month, according to its Director, Professor V Kamakoti. During the IIT Madras Alumni Association's Sangam 2026 event in Bengaluru, Kamakoti disclosed that the institution has already nurtured 583 startups, which together are valued at Rs 83,000 crore.

He emphasized that IIT Madras typically incubates approximately 100 startups annually, with 75% being founded by individuals outside the institution.

Notable startups backed by IIT Madras include electric two-wheeler manufacturer Ather Energy, Agnikul Cosmos, Uniphore, and Stellapps. This year's alumni meet theme is "Atmanirbhar Bharat: Building a Self-Reliant India." Kamakoti stressed the importance of India developing sovereign technologies and highlighted that IIT Madras has been awarded 472 patents, showcasing its research excellence.

Addressing the audience, Zoho co-founder Sridhar Vembu underscored the urgency of India's self-reliance in technology, particularly given the current global political and economic climate. He pointed out that debates around merchant discount rates (MDR) on UPI transactions have not been mirrored for the fees associated with using messaging platforms like WhatsApp.

Vembu also warned that technologies imported from outside the country might be switched off, highlighting the challenge of technological power concentration in the hands of a few companies. He argued that until these monopolies are broken, technology's benefits will not reach a wider population. Union Education Minister Pralhad Joshi echoed these sentiments, stating that such gatherings underscore the importance of creating Indian technology, bolstering manufacturing, and empowering entrepreneurs to export Indian innovation.