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Thursday, July 25, 2024

Stalin hands over sanction order for Rs. 9.75 crore to 8 Startups, 25 Startups get Rs 1.25 cr TANSEED grant

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Chennai: Tamil Nadu Chief Minister M.K. Stalin today handed over sanction orders for investments to the tune of Rs. 9.75 crore in eight Startups through Tamil Nadu Startup and Innovation Mission (StartupTN) in the second batch under the Tamil Nadu SC/ST Startup Fund.

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 district.

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.

Mr Stalin also handed over cheques for the first trance of Rs. 5 lakh each to the first batch of 25 Startups, totalling Rs.1.25 crores of Tamil Nadu Seed Fund (TANSEED) grant.

The second tranche of Rs. 5 lakh each will be handed over to them after they reach the milestones set for them. The awardees said that this grant would motivate them to scale up and soar to greater heights like their peers from the earlier editions.

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 Chief Minister since December 2021.

TANSEED, the flagship initiative of StartupTN, was launched by the Tamil Nadu Government 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 USD 1 Trillion economy goal by 2030.

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