Tamil Nadu’s StartupTN: Boosting Innovation with Rs 80 Crore Fund and Global Partnerships

Tamil Nadu government-supported StartupTN recently secured Rs 80 crore in funding and partnered with over 200 venture capital firms to foster a robust startup ecosystem. The initiatives include TANFUND for aggregated funding, a credit course for engineering students, and the iTNT Hub to boost tech startups. The state aims to shape economic growth through innovation and global collaboration.

The Tamil Nadu government-backed StartupTN has secured Rs 80 crore in funding and forged partnerships with over 200 venture capital firms, a top official revealed on Friday.

StartupTN is actively working to attract more venture capitalists to invest in the state via the TANFUND platform, according to Managing Director and CEO Sivarajah Ramanathan. The agency aims to foster a robust startup ecosystem to spur innovation, entrepreneurship-driven employment, and economic growth.

"We are advancing our mission by launching a credit course for engineering students under the 'Naan Mudhalvan' initiative and introducing the Campus Startup Circle model in collaboration with EDII," Ramanathan announced at the Tamil Nadu Startup Summit 2024, organized by the Confederation of Indian Industry.

In a move to boost innovation in information and deep technology, the Tamil Nadu government has established the iTNT Hub with an outlay of Rs 54.76 crore. iTNT Hub's primary aim is to cultivate a supportive ecosystem for startups in the state.

iTNT Hub CEO Vanitha Venugopal highlighted the state's efforts to enhance global collaborations and bring world-class solutions through research and development. 'Through the International Pavilion Programme, we are connecting Tamil Nadu startups with global accelerators, investors, and markets,' stated Venugopal.

'By fostering these international ties, Tamil Nadu startups gain the same global exposure and opportunities as their international counterparts,' she added.

The Chairman of the CII Tamil Nadu State Council, Srivats Ram, pointed out that India's startup ecosystem is now the third largest globally, growing at 12 to 13 percent. He noted that Tamil Nadu's USD 28 billion startup ecosystem is growing at 23 percent, with over 120 incubators and around 5,000 startups in Chennai alone.

(With inputs from agencies.)