Mumbai, July 08, 2025: The Indian Institute of Technology Bombay (IIT Bombay) has entered into a partnership with ICICI Foundation for Inclusive Growth to expand its Biomedical Engineering and Technology Innovation Centre (BETIC). ICICI Foundation, the CSR arm of ICICI Bank, has pledged ₹70 crore for the initiative.
The partnership will fund the construction of additional floors at BETIC, increasing its total space five-fold to 19,700 sq. ft. The expanded centre—named the ‘IIT-ICICI BETIC Hub’—will be equipped with state-of-the-art infrastructure to support the development of affordable, high-quality medical devices and diagnostic tools. The hub will promote collaboration among researchers, clinicians, and industry leaders while supporting med-tech startups and training healthcare innovators.
“This partnership exemplifies how industry-academia alliances can drive innovation towards real-world impact. With ICICI Foundation’s generous support, IIT Bombay is poised to revolutionise biomedical research and technology, addressing critical healthcare gaps in India, fostering home-grown solutions that are accessible, affordable, and scalable,” said Prof. Shireesh Kedare, Director, IIT Bombay.
Commenting on the collaboration, Mr. Pradeep Kumar Sinha, Chairman, ICICI Bank, said, “Healthcare is a key focus at ICICI Foundation’s CSR initiatives. India’s unique healthcare challenges—high disease burden, vast rural populations, and affordability constraints—demand indigenous innovations in biomedical, tailored to its needs. Homegrown advancement will not only reduce dependency on imports but also foster cost-effective, cutting-edge medical solutions that can empower healthcare professionals and benefit millions across the country. The partnership between ICICI Foundation and IIT Bombay aims to meet this objective. The ‘IITB-ICICI BETIC Hub’ will facilitate the development of indigenous medical innovations ensuring affordable healthcare solutions to patients. We are delighted to collaborate with IIT Bombay to drive a meaningful change in the healthcare ecosystem.”
BETIC, housed at IIT Bombay, is India’s only ISO 13485-certified academic lab for medical devices. It has developed 240 prototypes, filed 70 patents, and taken 43 devices to market—23 through startups and 20 through licensing to Indian companies. The centre has identified 450 unmet clinical needs and impacted several million lives across the country.
The expansion aligns with ICICI Foundation’s focus on inclusive growth and healthcare access. To date, its health-related initiatives have supported over 2.5 million people across 550 hospitals in India.
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