100 Incubator-Backed Startups and the Incubators Behind Them

Our List of 100 Incubator-Backed Startups Covers 12 Incubators

Incubator-backed startups include Airbnb, Stripe, Razorpay, Zepto, Ather Energy, Skyroot Aerospace and ideaForge. Each one spent its early days inside an incubator or accelerator. We compiled 100 such startups from 12 programs. Eight of the programs are Indian, such as the IIT Madras Incubation Cell, NSRCEL at IIM Bangalore and T-Hub in Hyderabad. The other four are global: Y Combinator, Techstars, Plug and Play and the Station F Founders Program.

We took the pains to check every name. Each startup on this page appears on its incubator’s own portfolio page, annual report, newsletter or official release. For every row, we noted the program, a sector and one fact we could confirm. Then we counted the sectors ourselves. Our original research revealed a clear split. Indian incubators mostly back deep-tech companies, while the global programs lean toward fintech and consumer apps.

66 Startups From Eight Indian Incubators

India’s best-known incubators sit inside universities and research labs. So most of their startups are built on lab work, patents or engineering talent. That shows in the tables. You will find rocket engines, CAR-T cell therapy, quantum-safe hardware and underwater robots. Consumer apps are rare.

Also, many of these firms are still young. For example, a FITT resident or a KIIT-TBI incubatee may have a product but no big funding round yet. We kept them because the incubator names them. Still, we put the better-known graduates first in each table.

IIT Madras Incubation Cell: EVs, Rockets and Underwater Robots

The IIT Madras Incubation Cell is the deep-tech engine of our Indian list. By May 2021, it had incubated 240 startups in eight years. IIT Madras valued them at ₹10,500 crore from their last funding data. By our math, that is about ₹44 crore per startup on average.

#	Startup	Incubator	Sector	One verified fact
35	Ather Energy	IIT Madras Incubation Cell	Mobility and EVs	Electric scooter maker that grew out of the IIT Madras incubation cell.
36	Uniphore	IIT Madras Incubation Cell	Software and AI	AI software company led by CEO Umesh Sachdev.
37	Stellapps	IIT Madras Incubation Cell	Agritech	Internet of Things startup working with dairy farms.
38	Agnikul Cosmos	IIT Madras Incubation Cell	Space, drones and aerospace	Test-fired a fully 3D-printed rocket engine. Raised an $11 million Series A led by Mayfield India.
39	VayuJal Technologies	IIT Madras Incubation Cell	Climate, energy and water	Atmospheric water generators that make 30 to 2,000 litres of water a day from air.
40	QNu Labs	IIT Madras Incubation Cell	Robotics and hardware	Quantum-safe hardware for sending data over fibre links up to 100 km.
41	The ePlane Company	IIT Madras Incubation Cell	Space, drones and aerospace	Electric flying taxi maker founded in 2019 with Professor Satya Chakravarthy.
42	HyperVerge	IIT Madras Incubation Cell	Software and AI	AI identity checks. Had completed over 410 million KYCs in India, with SBI as a client.
43	Fabheads Automation	IIT Madras Incubation Cell	Robotics and hardware	Built India’s first 3D printer for continuous fibre, aimed at carbon fibre parts.
44	Planys Technologies	IIT Madras Incubation Cell	Robotics and hardware	Underwater robots for inspection. Had inspected over 160 assets in three countries.
45	Yaathum Biotech	IIT Madras Incubation Cell	Health and biotech	TB test that shows which drugs will work in about two hours.

Agnikul Cosmos is the clearest lesson here. The team test-fired a fully 3D-printed rocket engine and then raised an $11 million Series A. So a lab result came first, and the funding round followed. HyperVerge took another route. In fact, it grew on revenue and had completed over 410 million KYC checks in India.

NSRCEL at IIM Bangalore: Exits and Fintech

NSRCEL is IIM Bangalore’s startup hub. By September 2018, it had incubated over 225 startups. Those firms had created over 5,400 direct jobs. Today it also runs a Fintech Centre of Excellence, and four of our rows come from that portfolio.

#	Startup	Program	Sector	One verified fact
46	Amagi	NSRCEL	Software and AI	Media technology company that went on to raise money from KKR.
47	Mango Technologies	NSRCEL	Software and AI	Mobile software startup acquired by Qualcomm.
48	One Click	NSRCEL	Software and AI	Software startup sold to Freshdesk.
49	MeshLabs	NSRCEL	Software and AI	Analytics startup sold to Pegasystems.
50	Milaap	NSRCEL	Fintech	Online crowdfunding platform from NSRCEL’s earlier ventures.
51	Rang De	NSRCEL Fintech Centre of Excellence	Fintech	RBI-regulated peer-to-peer lending platform.
52	Castler	NSRCEL Fintech Centre of Excellence	Fintech	Escrow infrastructure for digital businesses, at the pre-Series A stage.
53	Dhiway	NSRCEL Fintech Centre of Excellence	Software and AI	Data assurance infrastructure built on its CORD ledger.
54	Bimakavach	NSRCEL Fintech Centre of Excellence	Fintech	Custom liability insurance for startups and small firms.

NSRCEL gave us the most acquisitions among the Indian incubators. Mango Technologies went to Qualcomm, One Click to Freshdesk and MeshLabs to Pegasystems. However, its newer fintech batch is still early. Castler, for instance, sits at the pre-Series A stage. That is why we counted NSRCEL as a mix of software and fintech.

CIIE.CO at IIM Ahmedabad: Seed Money for Deep Tech

CIIE.CO began in 2002 as the Centre for Innovation Incubation and Entrepreneurship at IIM Ahmedabad. It took the CIIE.CO name in 2018. By then it had made seed investments in more than 150 startups. It also runs the $100 million Bharat Innovation Fund, which was launched in 2017 for deep-tech firms.

#	Startup	Fund	Sector	One verified fact
55	FireCompass	Bharat Innovation Fund	Software and AI	Cybersecurity startup backed by the $100 million Bharat Innovation Fund.
56	Detect Technologies	Bharat Innovation Fund	Software and AI	Industrial AI company backed by the Bharat Innovation Fund.
57	Zumutor Biologics	Bharat Innovation Fund	Health and biotech	Biotech startup in the Bharat Innovation Fund portfolio.
58	Unbox Robotics	CIIE.CO seed fund	Robotics and hardware	Warehouse robotics startup from the CIIE.CO seed portfolio.
59	Nunam	CIIE.CO seed fund	Climate, energy and water	Battery reuse startup from the CIIE.CO seed portfolio.
60	Ubreathe	CIIE.CO seed fund	Climate, energy and water	Clean air product startup from the CIIE.CO seed portfolio.

CIIE.CO works more like an investor than a landlord. So founders who already have a working product often reach it through the fund. Agnikul, which we counted under IIT Madras, also sits in the CIIE.CO seed portfolio. That double backing is common in Indian deep tech.

SINE at IIT Bombay: Drones, Diagnostics and Messaging

SINE was set up as a society at IIT Bombay in 2004, after a pilot phase that began in 2000. Its best-known graduate is ideaForge, the drone maker. Gupshup, the messaging platform, also came out of SINE under its old name, Webaroo.

#	Startup	Status	Sector	One verified fact
61	ideaForge Technology	SINE graduate	Space, drones and aerospace	Makes vertical take-off micro and mini drones for defence and security.
62	ImmunoACT	BIRAC SeedSINE	Health and biotech	CAR-T cell therapy platform for treating cancer.
63	Gupshup (Webaroo)	SINE incubatee	Software and AI	Messaging platform with APIs and SDKs for bots and in-app chat.
64	Indra Water	SINE incubatee	Climate, energy and water	Electric, decentralised wastewater treatment. Received funding from HCLTech.
65	Ayu Devices	SINE incubatee	Health and biotech	Wireless digital stethoscope. Raised money on Shark Tank India.
66	Babblebots.ai	SINE incubatee	Software and AI	Voice bots for recruiting. Runner-up at TechSparks Mumbai Pitch Fest.
67	Haystack Analytics	SINE incubatee	Health and biotech	Genome test for over 150 conditions and traits. Won an Aegis Graham Bell Award.
68	WeatherCast Solutions	SINE incubatee	Climate, energy and water	Hyperlocal weather forecasts for 18 places across the Mumbai region.
69	Liger Mobility	SINE incubatee	Mobility and EVs	Showed an auto-balancing electric scooter at Auto Expo 2023.
70	Inspecity Space Laboratories	SINE incubatee	Space, drones and aerospace	Won the DefSpace challenge at Manthan 2023.

SINE’s newer startups show how varied a campus pipeline can be. For example, Ayu Devices raised money on Shark Tank India, while Haystack Analytics won an Aegis Graham Bell Award. Then there is WeatherCast, which sells hyperlocal forecasts across the Mumbai region. Each one came from a different lab or department.

T-Hub in Hyderabad: India’s Space and Robotics Cluster

T-Hub works with a network of over 3,300 startups. Space is its biggest theme on our list. In fact, half of our 10 T-Hub rows are space or aerospace companies.

#	Startup	Incubator	Sector	One verified fact
71	Skyroot Aerospace	T-Hub	Space, drones and aerospace	Launched Vikram-S, India’s first private rocket, from Sriharikota in November 2022.
72	Dhruva Space	T-Hub	Space, drones and aerospace	Small satellites, satellite deployers and ground stations.
73	Tohands	T-Hub	Robotics and hardware	AI smart calculator that tracks sales, expenses and stock at kirana stores.
74	Bluj Aero	T-Hub	Space, drones and aerospace	Hydrogen-electric vertical take-off aircraft for heavy cargo.
75	Zodhya	T-Hub	Climate, energy and water	AI that cuts building energy use by tuning HVAC in real time.
76	Tractrix Opto Dynamics	T-Hub	Space, drones and aerospace	Electro-optical systems for aerospace and defence.
77	Cosmoserve	T-Hub	Space, drones and aerospace	Robotic spacecraft that remove orbital debris.
78	Perceptyne	T-Hub	Robotics and hardware	Semi-humanoid robots for factory work.
79	Monitra Health	T-Hub	Health and biotech	Remote heart monitoring to diagnose rhythm disorders.
80	Bluesemi	T-Hub	Robotics and hardware	Ultra-low-power chips for battery-free IoT devices and wearables.

Skyroot Aerospace is the headline name. In November 2022, it launched Vikram-S, India’s first private rocket, from Sriharikota. Before that, it became the first private space company to sign an MoU with ISRO. Dhruva Space and Cosmoserve sit in the same cluster. As a result, a space founder in Hyderabad will meet peers, suppliers and mentors in one building.

KIIT-TBI in Bhubaneswar: Health, Fintech and Farm Tech

KIIT-TBI started in 2009 as a not-for-profit arm of KIIT University. It has incubated and mentored more than 200 startups and filed over 80 IP applications. Startup Odisha named it Successful Incubator of the Year 2023.

#	Startup	Incubator	Sector	One verified fact
81	Hellodoctor 24×7	KIIT-TBI	Health and biotech	Telehealth startup in the KIIT-TBI healthcare portfolio.
82	InDNA Life Sciences	KIIT-TBI	Health and biotech	Life sciences startup in the KIIT-TBI healthcare portfolio.
83	Iserveu Technology	KIIT-TBI	Fintech	Fintech startup from the KIIT-TBI incubatee list.
84	Lal10	KIIT-TBI	Consumer and commerce	Product-led commerce startup from the KIIT-TBI list.
85	Upsoil Technologies	KIIT-TBI	Agritech	Agriculture startup from the KIIT-TBI incubatee list.
86	Rimagined (Rechakr Solutions)	KIIT-TBI	Climate, energy and water	Waste management startup from the KIIT-TBI incubatee list.

KIIT-TBI groups its incubatees by sector, and healthcare is its longest list. So a health founder in eastern India has the most peers there. Iserveu shows that fintech also has a place in the mix.

Venture Center in Pune: Biotech on the CSIR-NCL Campus

Venture Center was set up on 10 January 2007 and is hosted by CSIR-NCL in Pune. It was the first incubator in CSIR. More than 750 startup teams have joined its programs. Also, its incubatees raised about ₹698 crore in risk capital over eight years. By our math, that is about ₹87 crore a year.

#	Startup	Incubator	Sector	One verified fact
87	NobleExchange Solutions	Venture Center	Climate, energy and water	Runs the 350-tonne-a-day NEX plant in Talegaon under the line “City Waste to City Bus”.
88	Serigen	Venture Center	Health and biotech	Tissue engineering with silk fibroin.
89	Orthocrafts	Venture Center	Health and biotech	Synthetic biodegradable bone implants.
90	Jeevtronics	Venture Center	Health and biotech	Medical device startup. Founder Aniruddha Atre sits on the centre’s Startup Founders Council.
91	MyLab Discovery Solutions	Venture Center	Health and biotech	Pune molecular diagnostics company shown among the centre’s incubatees.
92	Bioprime	Venture Center	Agritech	Agri-biotech startup. Founder Renuka Diwan chairs the Startup Founders Council.

Four of our six Venture Center rows are health companies. That matches the campus, which is a chemistry and materials lab. For instance, Serigen works with silk fibroin and Orthocrafts makes biodegradable implants. Both need wet labs that few co-working spaces can offer.

FITT at IIT Delhi: Mobility, Drones and Diagnostics

FITT runs the incubator at IIT Delhi. More than 150 startups have been incubated there. In the year to March 2023 alone, it took in 34 new residents.

#	Startup	Status	Sector	One verified fact
93	Aftershoot	FITT resident	Software and AI	Photo selection and editing software for photographers.
94	Alt Mobility	FITT resident	Mobility and EVs	Emission-free transport and full-stack EV services for businesses.
95	DesignX	FITT resident	Software and AI	Digital Factory Operating System (DFOS) to digitise factory work.
96	TSAW Drones	FITT resident	Space, drones and aerospace	Drone network for moving cargo.
97	Machphy	FITT resident	Health and biotech	Cold chain products for healthcare supply chains.
98	Andromeida	FITT resident	Robotics and hardware	Pool Buddy pool-cleaning robot. Named MeitY’s best robotics startup for 2022.
99	Dweepi Innovations	FITT resident	Robotics and hardware	Portable system that measures railway track geometry.
100	Ramja Geosensor	FITT resident	Health and biotech	Paper-based test that finds infection and drug resistance in under two hours.

FITT’s residents lean toward mobility and devices. For example, Alt Mobility runs EV services for businesses, and TSAW Drones moves cargo by drone. Ramja Geosensor shows the health side. Its paper-based test finds infection and drug resistance in under two hours.

34 Startups From Y Combinator, Techstars, Plug and Play and Station F

The four global programs work on a different model. They invest cash for equity, run a short program and end with investor meetings. So their alumni tend to be software, payments and consumer apps that can grow fast with little lab work.

Y Combinator Alumni From Airbnb to Zepto

Y Combinator runs batches named by season and year, such as Winter 2009. Its alumni include several Indian companies. Razorpay, Meesho, Groww and Zepto all went through YC.

#	Startup	YC batch	Sector	One verified fact
1	Airbnb	Winter 2009	Consumer and commerce	San Francisco marketplace for booking stays worldwide. It is now a public company.
2	Stripe	Summer 2009	Fintech	Payments and financial software for internet businesses, based in San Francisco.
3	DoorDash	Summer 2013	Consumer and commerce	Local delivery platform linking customers with restaurants and shops. Now public.
4	Instacart	Summer 2012	Consumer and commerce	Online grocery and same-day delivery in North America. Now public.
5	Coinbase	Summer 2012	Fintech	Crypto wallet and trading platform.
6	Brex	Winter 2017	Fintech	Corporate cards, expense tools and business banking. Since acquired.
7	Rappi	Winter 2016	Consumer and commerce	Bogota-based delivery app for food, groceries and more across Latin America.
8	Wave	Winter 2012	Fintech	Low-cost financial services for African markets, run from Dakar, Senegal.
9	Razorpay	Winter 2015	Fintech	Bengaluru company selling payments and banking tools to Indian businesses.
10	Meesho	Summer 2016	Consumer and commerce	Bengaluru marketplace where small sellers reach buyers online.
11	Groww	Winter 2018	Fintech	Indian investing app and one of the largest brokers by active NSE clients.
12	Zepto	Winter 2021	Consumer and commerce	Mumbai grocery app that delivers in about 10 minutes from dark stores.

The YC rows are split evenly. Six are fintech and six are consumer or commerce apps. Also, four of the 12 are now public companies. Wave and Rappi show that YC backs founders far from San Francisco too.

Techstars Graduates That Became Unicorns

Techstars began in Boulder and now runs programs in many cities. Techstars counts 29 unicorns in its portfolio. Most of our rows come from that group, with the city and year of each program.

#	Startup	Program and year	Sector	One verified fact
13	SendGrid	Boulder, 2009	Software and AI	Email delivery company. It went public, then merged with Twilio in a deal worth about $2 billion.
14	Zipline	Seattle, 2011	Space, drones and aerospace	Drone delivery company that began as Romotive.
15	Remitly	Seattle, 2011	Fintech	Money transfer app that began as BeamIt Mobile. Now public.
16	Outreach	Seattle, 2011	Software and AI	Sales engagement software. One of the unicorns on the Techstars portfolio page.
17	DigitalOcean	Boulder, 2012	Software and AI	Cloud hosting company based in New York. Now public.
18	ClassPass	New York, 2012	Consumer and commerce	Fitness class subscription app. Since acquired.
19	PillPack	Boston, 2013	Health and biotech	Online pharmacy bought by Amazon in 2018 for about $1 billion.
20	DataRobot	Cloud Accelerator, San Antonio, 2013	Software and AI	Machine learning platform that later moved its base to Boston.
21	Owlet Baby Care	Portfolio year 2013	Health and biotech	Baby health monitoring products. Now public.
22	Chainalysis	Portfolio year 2015	Fintech	Blockchain data and investigations firm. One of the Techstars unicorns.

Techstars has a long record of exits. SendGrid went public and later merged with Twilio. PillPack was bought by Amazon in 2018 for about $1 billion. However, its graduates span many sectors, from cloud hosting to baby monitors.

Plug and Play Investments From Silicon Valley

Plug and Play is an innovation platform based in Silicon Valley. It works in more than 50 locations across five continents. It says it has invested in hundreds of companies. We picked six it names itself.

#	Startup	Link	Sector	One verified fact
23	PayPal	Investment	Fintech	Online payments company.
24	Dropbox	Investment	Software and AI	Cloud file storage and sharing.
25	Guardant Health	Investment	Health and biotech	Blood tests that help doctors find and track cancer.
26	LendingClub	Investment	Fintech	US online lending marketplace.
27	N26	Investment	Fintech	Berlin mobile bank.
28	Honey	Investment	Consumer and commerce	Browser extension that finds coupon codes at checkout.

Plug and Play also names Rappi among its investments. But we counted Rappi once, under Y Combinator. So the six rows here are all unique to this group.

Station F Founders Program, Fall 2024 Cohort

Station F in Paris runs the Founders Program for early-stage teams. Each batch takes at most 25 companies. The Fall 2024 batch had 18 startups, and 10 of them had repeat founders. Also, AI was central to 14 of the 18.

#	Startup	Program	Sector	One verified fact
29	ARO	Fall 2024 cohort	Health and biotech	Preventive health service built on biomarker tests, AI insights and coaching.
30	Bloom Care	Fall 2024 cohort	Health and biotech	All-in-one software for home care companies.
31	Nao	Fall 2024 cohort	Software and AI	AI code editor built for data work.
32	Procureezy	Fall 2024 cohort	Space, drones and aerospace	Links space mission engineers with hardware suppliers.
33	Tranched	Fall 2024 cohort	Fintech	Embedded platform for asset-based lending that connects lenders and investors.
34	Uncia	Fall 2024 cohort	Software and AI	SaaS that maps technical architecture and monitors security compliance.

These are the youngest companies on our list. So treat them as a picture of what the program selects today. Health, software and fintech all show up, plus Procureezy in space procurement.

Sector Counts Show Deep Tech in India and Fintech Abroad

We gave each of the 100 startups one main sector. Then we counted them by sector and by group. The table and chart show the result.

Sector	Indian incubators	Global programs	Total	Share of 100
Software and AI	13	7	20	20%
Health and biotech	14	5	19	19%
Fintech	5	12	17	17%
Space, drones and aerospace	10	2	12	12%
Consumer and commerce	1	8	9	9%
Robotics and hardware	9	0	9	9%
Climate, energy and water	8	0	8	8%
Mobility and EVs	3	0	3	3%
Agritech	3	0	3	3%
All sectors	66	34	100	100%

First, health and biotech has 19 startups, and 14 of them came from Indian incubators. Second, space, drones and aerospace has 12, and 10 of those are Indian. Robotics, climate, agritech and mobility startups appear only in the Indian group.

On the other hand, fintech flips the pattern. Twelve of the 17 fintech startups came from the global programs. Consumer apps are even more one-sided, with 8 of 9 from abroad. In our view, the reason is the host. A university incubator gives founders labs and faculty. A cash-for-equity accelerator rewards fast growth in software and payments.

So the right program depends on what you build. A hardware or biotech founder in India has more peers at IIT Madras, SINE, T-Hub or Venture Center. A payments or consumer app founder may get more from a YC-style program. To learn how each kind of backer thinks, read our guide to the different types of investors.

Cheques, Equity and Grants Each Program Offers

The global accelerators pay cash for equity. Indian incubators mostly offer space, mentors and access to grants. The table puts the published terms side by side.

Program	Money on offer	Instrument and stake	Conditions
Y Combinator	$500,000	$125,000 post-money SAFE for 7%, plus $375,000 uncapped SAFE with an MFN clause	YC also gets a pro rata right in later rounds
Techstars	$220,000 in most programs	$20,000 for 5% in common stock, plus a $200,000 uncapped MFN SAFE	Terms differ in a few programs
Startup India Seed Fund Scheme (through Indian incubators)	Up to ₹20 lakh grant, then up to ₹50 lakh	Grant for proof of concept; convertible debentures, debt or debt-linked instruments for market entry	DPIIT recognition; company incorporated no more than two years before applying
CIIE.CO Bharat Innovation Fund	$100 million fund	Venture investment in deep-tech startups	Launched in 2017
NIDHI Centre of Excellence at FITT, IIT Delhi	Up to ₹1 crore per startup	Support under the NIDHI program	For startups at FITT

Y Combinator’s deal has two parts. The first $125,000 buys 7% on a post-money SAFE. By our math, that values the company at about $1.79 million after the cheque. The other $375,000 is an uncapped SAFE with a most-favored-nation clause. YC’s own example converts it to 2.5% in a round at a $15 million post-money cap. So in that case, YC would own about 9.5% in total.

Techstars pays $220,000 in most programs. That is $200,000 on an uncapped MFN SAFE plus $20,000 for 5% in common stock. If you are new to these notes, our explainer on how a SAFE note works walks through the math.

In India, the Startup India Seed Fund Scheme flows through incubators. A startup can get up to ₹20 lakh as a grant for a proof of concept. After that, it can get up to ₹50 lakh in convertible debentures or debt. The scheme’s ₹945 crore outlay aims to back about 3,600 entrepreneurs through 300 incubators. By our math, that is about ₹26 lakh per entrepreneur and 12 startups per incubator.

Pipeline Size at the Incubators We Covered

The incubators publish their own counts, but each uses a different year. We kept every figure tied to its date. Then we put them in one table, so you can compare the scale of each program.

Program	Started	Published pipeline figure
IIT Madras Incubation Cell	Eight years before May 2021	240 startups by May 2021, valued at ₹10,500 crore
NSRCEL, IIM Bangalore	Not published on the pages we used	225+ startups and 5,400+ direct jobs by September 2018
CIIE.CO, IIM Ahmedabad	2002	150+ seed investments
SINE, IIT Bombay	2004 (pilot from 2000)	84 companies in 2015 to 2019 and 77 in 2020 to 2023
T-Hub, Hyderabad	Not published on the pages we used	Network of 3,300+ startups
KIIT-TBI, Bhubaneswar	2009	200+ startups incubated and mentored; 80+ IP filings
Venture Center, Pune	10 January 2007	750+ program teams; 175+ resident incubatees; ₹698 crore raised in eight years
FITT, IIT Delhi	Not published on the pages we used	150+ startups incubated; 34 new residents in the year to March 2023
Y Combinator	Not published on the pages we used	177 India-based companies in its directory
Techstars	Boulder	29 unicorns in its portfolio
Station F Founders Program	Paris	Up to 25 startups per batch; 18 in the Fall 2024 batch

The gaps are large. T-Hub works with a network of over 3,300 startups, while Station F caps each Founders Program batch at 25. Still, a large network does not guarantee hands-on help. For example, Venture Center counts over 175 resident incubatees among more than 750 program teams. So ask each incubator how many startups get a desk, a mentor and seed money.

Choosing an Incubator by Sector and Stage

First, match the incubator to your sector. Our counts show that Indian university incubators are home to deep tech. In contrast, the global accelerators are home to fintech and consumer apps.

Next, check your stage. The Startup India seed fund needs DPIIT recognition and a company no more than two years old. Y Combinator and Techstars take very early teams, but they ask for equity at once. For other ways to raise that first money, see our list of company funding types. Also, our guide on where to find angel investors covers the networks that often invest after an incubator.

Then, look at who came before you. A drone founder will meet ideaForge’s story at SINE and Skyroot’s at T-Hub. A fintech founder will find a full portfolio at NSRCEL’s Fintech Centre of Excellence. Finally, polish your pitch before demo day. Our roundup of pitch deck design companies lists firms that build investor decks. For newer names to follow, we also track new startups to watch.

Founders’ Questions About Incubator-Backed Startups

What Is an Incubator-Backed Startup?

It is a company that spent its early stage inside an incubator or accelerator program. The program may give office space, mentors, lab access, seed money or investor meetings. For example, Ather Energy came out of the IIT Madras Incubation Cell, and Airbnb went through Y Combinator in Winter 2009.

How Is an Incubator Different From an Accelerator Like Y Combinator?

An incubator usually hosts a startup for a longer period and gives space and support. An accelerator runs a short, fixed program and invests cash for equity. However, the line is blurry. Many Indian incubators also invest seed money, as CIIE.CO does through its seed fund.

Do Incubators Take Equity in Startups?

Accelerators do. Y Combinator takes 7% for its first $125,000, and Techstars takes 5% in most programs. Indian incubators often pass on government grants, such as the up to ₹20 lakh proof-of-concept grant under the Startup India Seed Fund Scheme. Their own terms vary, so ask for them in writing.

Can One Startup Be Backed by Two Incubators?

Yes. Agnikul Cosmos came out of the IIT Madras Incubation Cell and is also in the CIIE.CO seed portfolio. Rappi went through Y Combinator, and Plug and Play also names it as an investment. We counted each startup only once.

Which Indian Incubator Has the Most Space Startups?

On our list, T-Hub does. Five of our 10 T-Hub rows are space or aerospace firms, led by Skyroot Aerospace and Dhruva Space. IIT Madras and SINE follow with two each. Founders in Uttar Pradesh can also compare state support in our UP startup policy guide.

Portfolio Pages and Reports Behind Our 100 Rows

• Y Combinator: startups in India directory
• Y Combinator: fintech startups directory
• Y Combinator: consumer startups directory
• Y Combinator: the YC standard deal
• Techstars: portfolio
• David Cohen: a review of the first eleven Techstars unicorns
• Techstars help center: investments in accelerator portfolio companies
• MWC Barcelona: Plug and Play Tech Center exhibitor profile
• Station F: Founders Program Fall 2024 cohort
• IIT Madras: Incubation Cell startups and valuation
• IIM Bangalore: NSRCEL centre of excellence page
• NSRCEL: about us and fintech portfolio
• IIM Ahmedabad faculty newsletter: the innovation continuum at IIMA
• SINE IIT Bombay: about us
• SINE IIT Bombay: home page and incubatee stories
• SINE IIT Bombay: newsletter, January to March 2023
• T-Hub: home page and founders
• Telangana Today: first private rocket made by T-Hub incubated company zooms into space
• KIIT: KIIT-TBI incubatee list and profile
• KIIT News: KIIT-TBI gets Successful Incubator of the Year 2023 award
• Venture Center: introduction deck
• FITT IIT Delhi: annual report 2022-23
• India Science and Technology portal: Startup India Seed Fund Scheme