TN govt invites applications from startups for Rs 15 lakh support equity-linked grant fund

Chennai, Dec 5 (PTI) The state government's nodal agency StartupTN on Friday announced the launch of TANSEED 8.0, the eighth edition of the Tamil Nadu Startup Seed Fund, and invited applications from startups to tap into the support equity-linked grant scheme.

The applications will be accepted from December 6 to December 20, an official release said.

Under the scheme, the government will provide up to Rs 15 lakh to green tech, rural impact, and women-led startups, while startups in other sectors can avail up to Rs 10 lakh, it said.

According to the release, TANSEED aims at bridging the early-stage funding gap faced by startups. Since its inception in 2021, the fund has sanctioned support to 169 startups.

StartupTN will take a 3 per cent support stake from beneficiary startups and provide them with a one-year accelerator programme, which includes mentorship support, priority access to networking events, and opportunities to participate in national and international startup delegations, it added.

The fund, revamped from its fifth edition onwards to function as a support equity-linked grant fund, can be utilised for prototype development, building a market-ready product, or small-scale pilot production.

The applicant entity must be registered in Tamil Nadu, registered with StartupTN, and recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, according to the release. PTI JR JR KH