Startups in Tamil Nadu: Private sector lender HDFC Bank has signed a memorandum of understanding (MoU) with StartupTN, the startup promotion body backed by the Tamil Nadu government to support 10,000 new startups in the state over the next four years.
“HDFC Bank Partners with StartupTN to Foster Innovation and Entrepreneurship in Tamil Nadu. #HDFCBank #StartUps #TamilNadu #Innovation #Entrepreneurship @TheStartupTN,” the bank posted on X (formerly Twitter).
According to the tweet, the MOU was signed in the presence of Ilamaguru Karunakaran, the Senior Vice President and Circle Head of HDFC Bank Coimbatore, and Mission Director Shivarajah Ramanathan, Mission Director and CEO, of StartupTN, at the Tamil Nadu Startup Thiruvizha, 2023 in Coimbatore.
“In Tamil Nadu alone we have more than 6,000 Department for Promotion of Industry and Internal Trade recognised startups. StartupTN has done transformational work to support startups across stages in the state and we hope to leverage their network and expertise to offer HDFC Bank’s curated products,” PTI quoted Karunakaran as saying.
According to StartupTN’s data, the state has more than 6,000 recognized startups across 30 sectors, of which 110 startups are seed-funded by the state government’s startup promotion organization, with a cumulative amount of Rs 11 crore. The state has 104 startup incubators to groom early-stage startups and entrepreneurs.
In January this year, Tamil Nadu became the first state in the country to make equity investments in startups, when the state government funded Rs 7.5 crore in five startups founded and managed by entrepreneurs of the Scheduled Caste and Scheduled Tribe communities. The budget outlay for the SC/ST startup initiative was also increased from Rs 30 crore in FY 2023 to Rs 50 crore in this financial year.
AngelsTN, a dedicated startup angel investment platform under the StartupTN has a network of 10 angel investors who have invested in 18 startups.