3 Tribal Companies among 8 Startups received Rs. 9.75 crore investment from Hon’ble CM of Tamil Nadu; 25 Startups get Rs 1.25 Crore TANSEED Grant

Chief Minister of Tamil Nadu Thiru. M.K. Stalin handed over sanction orders for investments to the tune of Rs. 9.75 Crore in 8 Startups through Tamil Nadu Startup and Innovation Mission (StartupTN) in the second batch under the Tamil Nadu SC/ST Startup Fund, on May 5, 2023. In the event held at the Chief Minister’s Chamber, the investment beneficiaries included three Startups promoted by entrepreneurs from the tribal communities in Hasanoor and Tamarakarai in Erode district and Kotagiri in The Nilgiris.

Through this investment in the form of Compulsorily Convertible Debentures (CCD) the Government has become a shareholder in these companies to guide them on the growth path.

Chief Minister also handed over cheques for the first trance of Rs. 1.25 Crore Tamil Nadu Seed Fund (TANSEED) grant to 25 Startups. This takes the total number of TANSEED beneficiaries in the State to 109, of whom the founders of 100 Startups (includes today beneficiaries) have directly received the benefit from the Hon’ble Chief Minister since December 2021. TANSEED, the flagship initiative of StartupTN, was launched by the Government of Tamil Nadu to support early stage Startups with a seed grant of up to Rs. 10 lakh each.
These Startups will play a pivotal role in achieving Tamil Nadu’s US $ 1 Trillion economy goal by 2030.