Chennai, Jan 28 (KNN) The Tamil Nadu chief minister M.K. Stalin on Friday sanctioned Rs 7.5 core in equity investments to five startups founded by SC/ST entrepreneurs.

The Tamil Nadu SC/ST startup fund is an equity investment and debt fund. The government had earmarked Rs 30 crore for this fund through StartupTN in the Budget for 2022-23. 

The aim of this initiative is to create more startup’s by SC/ST entrepreneurs in the march toward inclusive mass entrepreneurship across demographics and sectors.

As per reports, the scheme has attracted 330 applications since May 2022. 

Preliminary shortlisting of applications was carried out by StartupTN with the support of experts. The project sanction committee, after a detailed evaluation of the startups, approved investments to the tune of Rs 7.5 crore in five startups in the form of Compulsorily Convertible Debentures (CCD).

The sanction order were given in the presence of Minister for Finance and Human Resources Management Palanivel Thiaga Rajan and Minister for Micro, Small and Medium Enterprises T.M. Anbarasan at the Secretariat on January 27.  (KNN Bureau)