Maharashtra dedicates Rs 200 cr fund to invest in deep tech & women-led startups

Mumbai, June 10 (KNN) The Maharashtra government will soon launch Rs 200 crore worth Maharashtra Innovation and Technological Development Fund to invest in deep tech startups which have social relevance and are preferably led by women.

Principal Secretary for Skills, Employment, Entrepreneurship and Innovation Department, Manisha Verma said, “The ''Maharashtra Innovation and Technological Development Fund'' will be a Rs 200 crore corpus for early-stage startups in the state.”

Verma was speaking at the Tiecon event in Mumbai on Friday, and she added that the fund will have a special focus on deep/tech, women-led businesses and socially relevant startups.

Delivering her presentation at the annual summit, she said that the state government is considering to launch a Seed fund for startups.

The state already has a slew of vehicles to make equity investments in startups, which have been launched in association with finance players having domain expertise, she added.

These include the Rs 120-crore Maharashtra Social Venture Fund, managed by the SIDBI, Rs 330-crore Maharashtra State Defence and Aerospace Fund and Rs 80-crore fund for entrepreneurs hailing from marginalised communities --managed by IDBI Capital, she said.

TiEcon Mumbai is being hosted at the new Jio Convention Center in Mumbai today.

The theme for this year's conference is ‘India Unicorn Summit 2022 - Creating Value, IPO's & Beyond’.  (KNN Bureau)