The Tamil Nadu government has called for applications from startups and companies having innovative ideas in the emerging sectors and looking for funding under the Tamil Nadu Emerging Sector Seed Fund (TNESSF).
According to the details posted on the website of the Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC), firms working towards innovation, development or improvement of products or processes in the emerging sectors such as AI/ML, cloud computing, advanced manufacturing/robotics, blockchain, cybersecurity, IoT, AR/VR, agritech, healthtech, edtech, climate action, fintech, cleantech, future of work, gaming, adtech and other sectors would be eligible for funding.
Sivarajah Ramanathan, Chief Executive Officer of Tamil Nadu Startup and Innovation Mission (TANSIM), said the funding would be given under two categories — startups and non-startups. “We will also see what support system we can provide them apart from funding and we will also see how we can align with them. The idea is to create a strong startup ecosystem,” he said.
The applicants should be headquartered in Tamil Nadu or willing to re-locate to the State or should have significant operations here.
In an effort to boost innovation, research and development and startup culture, the government of Tamil Nadu, through TIDCO, sponsored the establishment of the Tamil Nadu Emerging Sector Seed Fund as a SEBI-registered category-I venture capital fund.
The TNESSF, which received registration with SEBI in March 2022, would be managed by the TNIFMC. The government will contribute ₹50 crore towards this fund for making equity investments in firms. The balance ₹450 crore will be raised from domestic and international agencies, institutions and high net-worth individuals.
