Chennai, Dec 28 (KNN) Tamil Nadu Chief Minister M K Stalin sanctioned Rs 6.5 crore as equity investment from the Tamil Nadu Scheduled Caste/Scheduled Tribes Startup Fund, benefitting five startups led by entrepreneurs from these communities, on Wednesday.

At an event held in Chennai, funds were allocated to startups across diverse sectors such as electronics manufacturing, agri-tech, and healthcare, situated in districts including Chennai, Tiruvallur, Perambalur, and Kanyakumari

Among the recipients are two firms managed by individuals from scheduled tribes, with one being entirely operated by tribal women. 

The state government's cumulative investments for the year 2023 now stand at Rs 34.6 crore across 26 startups. 

The fiscal year 2023-24 budget allocated Rs 50 crore to the SC/ST Startup Fund, an increase from the Rs 30 crore allocated in the previous fiscal year.

The five startups awarded funding include Ecopmin Technologies (Rs 3 crore), specialising in electronic consumables; Adhiban Farms (Rs 2.2 crore), focused on ethically raised hen egg production; COEO Wellness (Rs 60 lakh), a bamboo toothbrush manufacturer; Mannvasanai Traditional Food (Rs 45 lakh), a millets firm, and Nanjil Nadu Kani Tribal Women Creations (Rs 25 lakh), crafting value-added products from forest produce, exclusively operated by tribal women.

Government investments not only bring recognition and credibility to these enterprises but also assist in acquiring new clients and expanding into untapped markets. 

The state's entrepreneurship nodal agency, StartupTN, extends mentorship and post-investment support. 

The allocation ceremony, held in the presence of MSME Minister TM Anbarasan, Municipal Administration Minister KN Nehru, Hindu Religious and Charitable Endowments Minister PK Sekarbabu, Chief Secretary Shiv Das Meena, and other officials, marks a significant step towards fostering inclusive entrepreneurship in the state.

(KNN Bureau)