The Tamil Nadu government has sanctioned ₹7.5 crore in equity investments to five startups that were founded and managed by entrepreneurs from the Scheduled Castes and Scheduled Tribes. Chief Minister M.K. Stalin handed over the sanction orders on Friday in the presence of ministers for finance and human resources management.
The Tamil Nadu government has approved 7.5 crore in equity investments in five firms developed and managed by Scheduled Castes and Scheduled Tribes entrepreneurs. At the Secretariat, Chief Minister M.K. Stalin handed over the sanction orders in the presence of Ministers for Finance and Human Resources Management Palanivel Thiaga Rajan and T.M. Anbarasan.
The Tamil Nadu SC/ST startup fund is both an equity and a loan fund. In the Budget for 2022-23, the government set out 30 crore for this fund via StartupTN. This campaign aims to provide inspiring tales that will encourage the establishment of new start-ups by SC/ST entrepreneurs as part of the march toward inclusive mass entrepreneurship across demographics and industries.
Since May 2022, the programme has received 330 applications. StartupTN conducted preliminary applicant shortlisting with the assistance of experts. Following a thorough review of the businesses, the project sanction committee authorised investments totaling 7.5 crore in five firms in the form of Compulsorily Convertible Debentures (CCD).
Unibose Technology Pvt. Ltd., a firm that develops and manufactures robots for cleaning vessels that store hazardous pollutants in the oil and gas sector and sewage systems, has received an investment of Rs. 2.5 crore. The new funding will assist Unibose in completing the development of its product lines and commercialising them in the market, which will include both government and private sector buyers.
Pack N Back Solutions Pvt. Ltd. was the second business to get $2 million in funding. The money will assist it in developing a logistics platform for tracking containers by inserting RFID tags and transforming into a digital supply chain management firm.
Three additional startups received one crore each: Ywe Auto Assist India Pvt. Ltd. (TowMan), Eco Soft Zolutions Pvt. Ltd., and PEAS Automation Technologies Pvt. Ltd. Ywe Auto Assist offers subscription-based roadside assistance to two-wheelers and four-wheelers, including towing, jumpstarting, and other small vehicular movement services such as vehicle pickup and drop-off at dealers for repair or servicing. The funds will allow them to extend their activities throughout Tamil Nadu.
The Tamil Nadu SC/ST Startup Fund will assist Eco Soft in transitioning from a software services supplier to an automobile SaaS product provider, eventually becoming a financial solutions provider. PEAS Automation Technologies is incorporating Industry 4.0 ideas to create a portable multi-agro processing unit in the primary processing segment for small and medium farmers. The financing will assist the startup in moving forward with the development and commercialization of its Mobile Multiprocessing Units for foodgrains.
For latest Bollywood Update Follow us on Instagram & Watch on Youtube
