Global Startup Summit in Coimbatore draws Rs 127 cr investment

Chennai, Oct 18 (PTI) The two-day Global Startup Summit held in Coimbatore was a "huge success", attracting investment commitments worth Rs 127 crore, the government said on Saturday.

The event laid the foundation for Tamil Nadu’s vision of becoming a USD 1-trillion economy by 2030, the government said in a press release.

A total of 21 country pavilions were set up at the Coimbatore District Small Industries Association (CODISSIA) grounds during the event, where 23 MoUs were signed and investment commitments worth Rs 127 crore were secured from various companies, the release said.

"Several more MoUs are expected to be signed in the coming months," it added.

Organised by StartupTN, the event showcased Tamil Nadu’s innovative industrial ecosystem globally.

Chief Minister M K Stalin inaugurated the summit on October 9 and launched the fund-of-funds initiative with an allocation of Rs 100 crore, the release said.

Under this initiative, the state government will invest in venture capital funds, which in turn will invest in startups operating in Tamil Nadu.

On the occasion, the chief minister also released the 'Tamil Nadu Startup Ecosystem Strategic Roadmap Report 2035'.

Highlighting key achievements of the Summit, the government said that 72,278 people attended the event, making it one of the largest startup conferences held in Coimbatore.

Nearly 115 investors participated, while 453 budding entrepreneurs showcased their ventures at the summit, it said.

Among the MoUs exchanged with the State government were agreements with Link Innovations (France), RXN Hub (Canada), and Asia Berlin (Germany).

Several corporate firms also signed agreements with the government during the event, the release added. PTI VIJ SSK