5 startups receive Rs 6.5 cr equity investment from Tamil Nadu govt

The sanction of equity investments in the companies was issued under the Tamil Nadu SC/ST Startup Fund by Chief Minister M K Stalin at an event in Chennai

Five startups engaged in various sectors, including electronics manufacturing and healthcare, have received funding of Rs 6.5 crore from the Tamil Nadu government.

The sanction of equity investments in the companies was issued under the Tamil Nadu SC/ST Startup Fund by Chief Minister M K Stalin at an event here organised by StartupTN, a press release said on Thursday.

Accordingly, Ecopmin Technologies, which is engaged in electronics manufacturing, received Rs 3 crore while Adhiban Farms Pvt Ltd, which deals with agriculture technology, secured funding of Rs 2.2 crore.

Healthcare player COEO Wellness Pvt Ltd was granted Rs 60 lakh while Mannvasanai Traditional Food Pvt Ltd attracted an investment of Rs 45 lakh.

Nanjil Nadu Kani Tribal Women Creations Pvt Ltd, which is an active player in the food and agriculture industry, received a Rs 25 lakh grant.

The investments allow the companies to take up expansion work besides meet their capital requirements, the release added.

Early this year, Stalin had launched the TN SC/ST Startup Fund for entrepreneurs hailing from the scheduled castes and scheduled tribe communities. Investment from the government brings more credibility to the startups, helping them acquire new clients and expand to more markets.