Bhubaneswar, May 14 (KNN) The Bhubaneswar chapter of the Indus Entrepreneurs (TiE) a non-profit global network of entrepreneurs and professionals has launched an angel fund of Rs 10 crore to assist the entrepreneurs in setting up small and medium enterprises (SMEs) in the state.

The 'Bhubaneswar Angles' fund will provide seed capital to the start-ups in the state. It was launched at the fourth Annual Day celebrations of TiE here on Tuesday.

TiE Bhubaneswar President, Rajib Sekhar Sahoo said initially started with Rs 5 crores, the fund will go up to Rs 10 crore.

The details of funding the start-ups is being worked out and each entrepreneur will be eligible to get between Rs 10 lakh and Rs 50 lakh depending on the viability of the project, he said.

State Industries Secretary, Sanjiv Chopra said Odisha is set to announce a new industrial policy focusing on entrepreneur friendly industrial facilitation. The new policy will give more emphasis on infrastructure growth and ease of doing business.

The state government has already launched a venture capital fund namely "Odisha MSME Fund" with a corpus of Rs 100 crore to boost the start-ups. (KNN Bureau)