IIT Bombay and Blockchain for Impact Sign MoU at Bharat Innovates 2026, Expanding Biomedical Innovation into Europe

In a significant step for India's deep-tech ecosystem, IIT Bombay and Blockchain for Impact (BFI) have formalised a new collaboration at Bharat Innovates 2026, the Government of India's flagship international innovation summit held in Nice, France. The MoU was exchanged in the presence of Union Minister of Commerce and Industry Shri Piyush Goyal and Prof. Ajay Kumar Sood, Principal Scientific Adviser to the Government of India.

BFI,  founded by Sandeep Nailwal, co-founder of the blockchain protocol Polygon,  grew out of the CryptoRelief fund, which mobilised emergency support for India during the COVID-19 pandemic. What started as a community-driven response to an overwhelmed healthcare system has since evolved into a structured philanthropic organisation, channelling capital from the global blockchain industry into long-term biomedical research and innovation across India. The "blockchain" in its name, then, is less a description of its technology stack and more a nod to the community and funding source that made it possible.

The partnership with IIT Bombay builds on an existing relationship between the two institutions. BFI had previously allocated $900,000 to IIT Bombay over three years to accelerate biomedical research and develop accessible, affordable healthcare technologies. The new MoU deepens that commitment, with a particular focus on connecting Indian biomedical startups to a European ecosystem of universities, hospitals, and investors, creating pathways from early ideation all the way to market access.

Bharat Innovates 2026 brought together over 2,000 participants from 29 countries, including more than 500 French investors, researchers, and institutional representatives, and resulted in over 50 collaboration agreements spanning industry, academia, and incubation. The summit was inaugurated by Prime Minister Narendra Modi and French President Emmanuel Macron, marking the start of the India-France Year of Innovation 2026.

BFI has been building an end-to-end innovation platform structured around incubation, grassroots impact through district-level sandboxes, and market access. The European dimension announced through this MoU extends that architecture internationally, enabling Indian biomedical startups to validate and scale their solutions with the support of global clinical and investment networks. The collaboration also focuses on knowledge exchange and building entrepreneurial capacity, grounded in the belief that innovation should be measured not only by commercial success but by its ability to address pressing societal challenges.

At a summit where approximately $254.5 million in funding commitments and advanced-stage investments were generated, the IIT Bombay-BFI partnership signals something less immediately quantifiable but equally important: a structured, long-term commitment to ensuring that deep-tech breakthroughs in biomedical science reach the communities that need them most.

Sources- 

1. IIT Bombay. (2026, June 20). [Post announcing IIT Bombay-BFI MoU at Bharat Innovates 2026] [Post]. X. https://x.com/iitbombay/status/2068179261517857134

2. IIT Bombay Alumni & Corporate Relations. (2024, May 12). IIT Bombay and Blockchain for Impact's strategic partnership to transform healthcare in India. IIT Bombay.Press Information Bureau, Government of India. (2026, June 14). Bharat Innovates 2026 begins in Nice, forging new India-Europe deep-tech partnerships. PIB.

3. Press Information Bureau, Government of India. (2026, June 17). Bharat Innovates 2026 concludes in Nice: Strengthens India's position as a global deep-tech and innovation hub. PIB.

4. The CSR Universe. (2026, February 18). BFI Innovation Full Stack launched at IIT Delhi to advance biomedical and MedTech ecosystem. The CSR Universe.

5. YourStory. (2026, June 19). Bharat Innovates 2026 wraps in Nice, turning India's deep-tech showcase into deals and global capital. YourStory.