Private Equity

VC Fund Investments

TN govt's SC-ST community founders focused fund invests Rs.7.5 Cr in 5 startups

Times of India  

The Tamil Nadu government has invested INR 7.5 crore in the equity of five startups founded by Scheduled Caste/Scheduled Tribe (SC/ST) communities. The investments would be made from the Tamil Nadu SC/ST Startup Fund of Tamil Nadu Startup and Innovation Mission (StartupTN) in the form of Compulsorily Convertible Debentures (CCD). The selected startups are: Robotics startup Unibose Technology (INR 2.5 crore); supply chain tech startup Pack N Back solutions (INR 2 crore); TowMan, a road-side assistance provider for vehicles (INR 1 crore); Eco Soft Solutions, a SaaS product provider in the automotive domain (INR 1 crore); and PEAS Automation Technologies, an agro-processing unit (INR 1 crore). The Tamil Nadu SC/ST Startup Fund is an equity and debt fund. The government earmarked INR 30 crore for this fund in the state budget for 2022-23. The scheme attracted 330 applications and five startups were chosen after due diligence.