India Home To 11,000 Biotech Startups: MoS Jitendra Singh

SUMMARY

MoS Singh underscored the need for early industry partnerships and financial support to fuel biotech ventures in the country

The Minister also emphasised that the Centre was committed to building a $300 Bn bioeconomy by 2030

At the heart of the Indian biotech ecosystem, which is projected to reach a market size of $300 Bn by 2030

Minister of State for Science and Technology Jitendra Singh on Monday (July 8) said the number of biotech startups in the country has soared from 50 in 2014 to nearly 11,000 currently.

As per an official press briefer, MoS Singh attributed the surge in numbers to “policy backing and institutional partnerships”. He also underscored the need for early industry partnerships and financial support to fuel biotech ventures in the country.

The MoS emphasised that the future industrial revolution would be driven by bioeconomy, adding that India would lead the charge in this space. “Bioproducts aren’t limited to laboratories anymore. They’re about livelihoods — from biodegradable packaging to eco-friendly personal care, from rural employment to green jobs,” Singh added.

The minister emphasised that the Centre was committed towards building a $300 Bn bioeconomy by 2030.

Singh made the comments during an event to mark the celebration of World Bioproduct Day. The event was organised by the Department of Biotechnology (DBT) and its agencies BIRAC (Biotechnology Industry Research Assistance Council) and iBRIC+.

The statement comes at a time when the government has undertaken a slew of measures to strengthen the country’s biotech sector and promote biotech startups. Last year, the Union Cabinet approved the Vigyan Dhara scheme and the BioE3 (Biotechnology for Economy, Environment, and Employment) policy to make India a biomanufacturing hub.

In addition, BIRAC offers grants of up to INR 50 Lakh to budding biotech startups for idea validation, prototype development, and proof of concept.

The initiatives have fuelled the local biotech ecosystem and spurred investor interest. In January, Kotak Alternate Asset Managers announced the first close of its life sciences fund at INR 250 Cr.

Earlier this month, biotech startup Loopworm raised $3.3 Mn in its pre-Series A funding round co-led by existing backer WaterBridge Ventures and Japanese VC firm Enrission India Capital. In April, agri-biotech startup GreenGrahi bagged INR 32 Cr in a seed funding round led by Avaana Capital.

At the heart of the Indian biotech ecosystem, which is projected to reach a market size of $300 Bn by 2030.