Mumbai: Indian Institute of Technology (IIT) Bombay and ICICI Foundation for Inclusive Growth (ICICI Foundation), the CSR arm of ICICI Bank, have forged a partnership to expand the biomedical innovation hub at the country’s premier technology and engineering institute. Under this partnership, ICICI Foundation has pledged ₹70 crore to set up additional floors at the Biomedical Engineering and Technology Innovation Centre (BETIC) at IIT Bombay and equip this area with advanced facilities.

The MoU was signed by Prof. Shireesh Kedare, Director, IIT Bombay and Mr. Sanjay Datta, President, ICICI Foundation in presence of Mr. Pradeep Kumar Sinha, Chairman, ICICI Bank.

The new floors, named ‘IIT-ICICI BETIC Hub’, will significantly expand IIT Bombay’s capabilities in biomedical engineering, increasing its space five-fold to 19,700 sq. ft. The hub will foster collaboration among researchers, clinicians, and industry leaders to develop affordable, cutting-edge medical devices and diagnostic solutions. It will be equipped with state-of-the-art resources for product development, medical grade manufacturing, safety testing, inspection, and packaging. This enhanced ecosystem will support med-tech startups and companies, train professionals in healthcare innovation, and generate high-value jobs, ultimately benefiting millions of patients.

Speaking on the collaboration, Prof. Shireesh Kedare, Director, IIT Bombay, said, "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.”

Commenting on the partnership, 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.” 

So far, ICICI Foundation has positively impacted over 2.5 million lives to receive treatment in 550 hospitals across the country through its initiatives in the healthcare sector. This includes building capacity in curative care, including cancer care, cardiac care, eye care, trauma and emergency care.

About BETIC:

BETIC is the only lab in an academic setting in India with ISO 13485 certification—an internationally recognised quality management system standard for medical devices. It has identified 450 unmet needs after detailed discussions with hundreds of doctors across various specialisations, created 240 novel prototypes, and has filed 70 patents. It has developed 43 medical devices, out of which 23 have been taken to market by startups formed at BETIC; while the remaining 20 devices have been licensed to Indian companies. A recipient of 61 prestigious awards, BETIC has impacted several million lives till date. For more details on BETIC’s work, visit Medical Device Innovation –BETIC, Mumbai

About IIT Bombay:

The Indian Institute of Technology, Bombay, set up in 1958 as the second IIT is recognised worldwide as a leader in the field of engineering education and research. The Institute was granted the status of 'Institution of Eminence' by the Ministry of Education (the then Ministry of Human Resources Development) on July 9, 2018. IIT Bombay is reputed for the quality of its faculty and the outstanding calibre of students graduating from its undergraduate and postgraduate programmes. The Institute has 17 academic departments, 31 (Centres/ Programmes/ Academic facilities), three schools and three Interdisciplinary programmes. Over the last six decades, more than 70,000 engineers and scientists have graduated from the Institute. It is served by more than 715 faculty members considered not only amongst the best within the country but also highly recognised in the world for achievements in the field of education and research. On March 12, 2025, IIT Bombay was ranked 28th in Engineering and Technology in the Quacquarelli Symonds (QS) World University Rankings by Subject for 2025. 

About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s total assets stood at ₹21,18,240 crore at March 31, 2025.

About ICICI Foundation: ICICI Bank set up ICICI Foundation for Inclusive Growth in 2008 to strengthen and broaden its commitment to social development. ICICI Foundation operates in environment protection, livelihood enhancement and skill development for the underprivileged communities, affordable healthcare, and financial inclusion across India. As part of its environmental efforts, ICICI Foundation has facilitated planting of 4.9 million trees and the harvesting of 33.87 billion litres of water annually. The Foundation has supported 2.5 million individuals with healthcare services and its livelihood programmes have empowered 9.1 million people with sustainable opportunities. As on March 31, 2025, ICICI Foundation’s initiatives have positively impacted over 19 million lives, reinforcing its commitment to inclusive and sustainable growth.

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