The funding will allow bilateral exchange of staff, postgraduate and undergraduate students over a two-year period.
The Erasmus+ international credit mobility funding will encourage knowledge and research collaboration and build on the strong existing links between the two Indian universities and the Glasgow University, the principal and vice-chancellor of the University of Glasgow, Prof Anton Muscatelli, said in a statement.
The Erasmus+ programme is a funding scheme to support activities in education, training and sports and its international credit mobility is an opening for students and staff between EU countries and non-EU partner countries.
Naresh Sharma, head of the International Relations office at IISER Pune, also said in the statement, "The University of Glasgow understood the structure and value of our five-year degree programme and how it harmonised with their flagship MSci degrees."
"This new award affords a fantastic opportunity for IISER students to work with leading scientists in Glasgow and the IISER is really looking forward to welcoming the group of Glasgow working in our research labs."
The Glasgow and Pune teams have already identified graduate students and staff in chemistry, physics, education and biology who will make research visits between the two cities over the next 24 months, the statement said.
The Glasgow University also has long-standing links with the University of Calcutta, Muscatelli said.