StartupTN Secures Rs 80 Cr Funding, Partners with 200 VCs

Chennai, Aug 31 (PTI) The Tamil Nadu government-backed StartupTN has secured funding of Rs 80 crore and has formed partnerships with over 200 venture capital firms, a top official said on Friday.

The agency was actively working to bring in more venture capitalists to invest in the state through the fund aggregator platform TANFUND (The Startup Funding Platform), StartupTN Managing Director and CEO Sivarajah Ramanathan said here.

StartupTN aims to nurture a vibrant startup ecosystem in the state to encourage innovation and entrepreneurship-driven employment and economic growth.

"Our goal is to create a vibrant startup ecosystem that drives innovation and growth. Today, we are taking this mission further by launching a credit course for engineering students under the 'Naan Mudhalvan' initiative and introducing the Campus Startup Circle model in collaboration with EDII (Entrepreneurship Development and Innovation Institute)," Ramanathan said at the Confederation of Indian Industry, Tamil Nadu Startup Summit 2024 here.

"By nurturing entrepreneurship, we aim to empower two per cent of our youth to become successful startup founders, shaping the future of Tamil Nadu's economy," Ramanathan said.

To facilitate innovation through startups in the information technology and deep technology space, the Tamil Nadu government had set up the iTNT Hub (Tamil Nadu Technology Hub) at an outlay of Rs 54.76 crore. The primary objective of iTNT Hub is to promote an ecosystem in the state that can guide, develop, implement and support startups.

Chief Executive Officer of iTNT Hub Vanitha Venugopal, in her address, said the state was focusing on global collaborations through iTNT Hubs to bring in world-class solutions through research and development. "The State is also enhancing its global reach through the International Pavilion Programme by iTNT, which connects Tamil Nadu startups with global accelerators, investors and markets," Venugopal said.

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

CII Tamil Nadu State Council Chairman Srivats Ram said, "India's startup ecosystem is now the third-largest globally, growing at 12 to 13 per cent. We have seen a 15x surge in funding and a tenfold increase in investors, highlighting the sector's maturation." Tamil Nadu, with a USD 28 billion startup ecosystem growing at 23 per cent exemplifies this progress, he said.

Tamil Nadu hosts over 120 incubators and about 5,000 startups in Chennai alone, he added.