Maharashtra: Maharashtra will launch a Rs 200 crore fund to invest in deep tech startups from the state, led by women and socially relevant, a senior official said on Friday.
Manisha Verma, Principal Secretary, Department of Skill, Employment, Entrepreneurship and Innovation, while addressing a TICON event here said, “Maharashtra Innovation and Technological Development Fund” will be a corpus of Rs 200 crore for early stage startups in the state.
“The fund will have a strong focus on tech/tech, women-led businesses and socially relevant startups,” she said in her presentation at the annual summit. Verma said the state is also looking at launching a seed fund for startups, but did not share details.
He said that the state already has several vehicles for making equity investments in startups, which have been launched in collaboration with finance players with domain expertise.
These include Rs 120 crore Maharashtra Social Venture Fund managed by Small Industries Development Bank of India (SIDBI), Rs 330 crore Maharashtra State Defense and Aerospace Fund and Rs 80 crore fund for entrepreneurs from marginalized communities. by IDBI Capital, she said.
The official who looks after the Maharashtra State Innovation Society said that the annual “Maharashtra Startup Week” is underway now and urged businesses to apply with entries for the same. He said that in the last four editions of the event, 96 startups have received orders worth over Rs 14 crore through their participation.
Verma also said that a large number of startups are coming up in clusters like Mumbai, Thane, Pune, Aurangabad and Nagpur, and encouraged entrepreneurs to go deeper into other parts of the state. He said that the state is paying special attention to skilling to ensure that the right talent is available to the companies where they need it.