Maharashtra to launch Rs 200 crore fund for women-led startups- Education News
Maharashtra is set to launch a Rs 200 crore fund to invest in deep tech startups in the state which are led by women and are socially relevant.
According to a top official, Maharashtra would introduce a Rs 200-crore fund to invest in deep tech firms from the state that are preferably driven by women and socially relevant.
Manisha Verma, the principal secretary for skills, employment, entrepreneurship and innovation, said during a Tiecon event that the ‘Maharashtra Innovation and Technological Development Fund’ will be a Rs 200 crore corpus for early-stage businesses in the state.
“The fund will have a special focus on deep/tech, women-led businesses and socially relevant startups,” she said in her presentation at the annual summit.
Verma said the state is considering launching a seed fund for entrepreneurs, but he didn’t elaborate.
She noted that the state already has a host of vehicles for making equity investments in startups, all of which were developed in collaboration with finance players with domain expertise.
The Small Industries Development Bank of India (SIDBI) manages a Rs 120-crore Maharashtra Social Venture Fund, while IDBI Capital manages a Rs 330-crore Maharashtra State Defence and Aerospace Fund and a Rs 80-crore fund for entrepreneurs from marginalised groups.
The person in charge of the Maharashtra State Innovation Society stated that the annual ‘Maharashtra Startup Week’ is already underway and asked firms to submit entries.
According to her, 96 businesses have earned orders worth over Rs 14 crore as a result of their participation in the last four editions of the event.
She said that the majority of companies are springing up in clusters such as Mumbai, Thane, Pune, Aurangabad, and Nagpur, and urged entrepreneurs to venture further into the state.
She stated that the state pays special attention to skilling in order to ensure that the necessary talent is available for enterprises in need.
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