Sources: 
Chennai is emerging as a powerhouse in deeptech innovation, driven by the vibrant IIT Madras incubation ecosystem and a surge in venture capital interest. In 2024 alone, startups in the city have raised an impressive
$795 million across 95 funding rounds, with many deals closing at very early stages.
Venture capitalists are visiting IIT Madras every 10 days, engaging in mixers and networking events both inside and outside the campus, which has become a
standard operating procedure for investors seeking promising deeptech startups.
IIT Madras itself is bolstering this ecosystem with significant innovation output, having filed
417 patents in 2024, including 119 international patents. The institution’s brand value as a startup destination continues to grow, supported by initiatives like the
iTNT Hub, a state-sponsored incubator focused on acceleration and innovation.
This influx of venture capital aligns with a broader trend in India where patient capital is gaining traction, especially in complex sectors like deeptech and climate tech. While 95% of patient capital in India comes from global investors, local efforts such as those by IIT Madras and Chennai’s startup ecosystem are increasingly attracting attention.
“Funds are visiting every 10 days, participating in mixers inside and outside IIT Madras, much like a standard operating procedure,” noted several venture capitalists, highlighting the city’s growing importance as a deeptech funding hub.
With this momentum, Chennai is poised to become a leading center for innovation-first startups, supported by a robust pipeline of patents, active incubation, and sustained venture capital engagement.
Sources: Chennai’s deeptech startup ecosystem, anchored by IIT Madras, has attracted $795 million in funding across 95 rounds in 2024. Venture capitalists visit the IIT Madras incubation hub every 10 days, fueling innovation and early-stage deals, as the city emerges as a key deep-tech funding destination in India.
