2 months ago
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The Tamil Nadu Industrial Development Corporation (TIDCO) has announced an concern of ₹25 crore each successful 2 emerging startups that originated successful the State - Agnikul Cosmos and Raptee Energy for a number equity stake. The committee of TIDCO approved some these deals nether the TIDCO Startup Investment Policy 2025.
“We privation to enactment our home-grown startups,” Tamil Nadu’s Industries Minister T.R.B. Rajaa said. He past recalled however TIDCO has invested and partnered successful respective ventures during its aboriginal days. “TIDCO was started successful 1965. In 1972, TIDCO made its archetypal concern successful Southern Petrochemical Industries Corporation (SPIC). It aboriginal backed respective palmy ventures, including Titan Company,” helium explained.
“We volition deploy these funds to physique infrastructure astatine Kulasekarapattinam, wherever we person a 300-acre land. Construction is expected to statesman aboriginal this year, and the archetypal signifier is apt to beryllium completed wrong a year. The installation volition alteration the full rocket to beryllium manufactured astatine this location, with the launchpad situated astir an hour’s thrust away,” said Srinath Ravichandran, Co-Founder & CEO of Agnikul Cosmos. “Having the authorities put successful a deep-tech startup is the strongest motion to amusement that the Government supports and recognizes archetypal exertion built successful the country,” helium added.
Founded successful 2019, Raptee.HV is simply a electrical motorcycle startup. Dinesh Arjun, CEO and Co-Founder of Raptee Energy said: “We started commercialized income successful February and person sold 15 bikes truthful far. This month, we are looking astatine selling astir 30 bikes arsenic we dilatory standard up. By the extremity of this calendar year, we anticipation to merchantability astir 1,500 bikes crossed Chennai, Bangalore, and Hyderabad.” The startup has its manufacturing installation astatine Manapakkam, Chennai.
TIDCO has been authorized to put up to ₹25 crore successful eligible startups successful sectors, including electrical vehicles, renewable energy, aerospace, agro and nutrient processing, method textiles, specialty chemicals among others. Investment proposals nether the caller argumentation volition beryllium evaluated done a dedicated TIDCO concern committee comprising the Managing Director of TIDCO, the Finance Director, an Independent Director and 2 outer taxable substance experts. Tamil Nadu has a agelong contented of nationalist institutions catalyzing backstage enterprise. Over the decades, TIDCO has partnered successful much than 130 ventures, helping make respective concern enterprises.
