According to a top official, Maharashtra would establish a Rs 200-crore fund to invest in deep tech enterprises from the state that are primarily led by women and have a social impact. During a Tiecon event, Manisha Verma, the principal secretary for skills, employment, entrepreneurship, and innovation, said that the ‘Maharashtra Innovation and Technological Development Fund’ will be a Rs 200 crore corpus for the state’s early-stage firms.
FUND FOR WOMEN-LED AND SOCIALLY IMPORTANT BUSINESSES
In her presentation at the annual summit, she stated, ‘The fund will put a strong focus on deep/tech, women-led firms, and socially important entrepreneurs.’ Verma said the state is thinking about creating a seed fund for businesses, but he didn’t go into detail.
OTHER STARTUP FUNDS IN THE STATE
She pointed out that the state already has a number of vehicles for making equity investments in startups, all of which were designed in partnership with financial actors with domain knowledge. The Small Industries Development Bank of India (SIDBI) runs 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 marginalized populations.
MAHARASHTRA STARTUP WEEK
The Maharashtra State Innovation Society’s executive director remarked that the annual ‘Maharashtra Startup Week’ has already started and invited businesses to participate. According to her, 96 firms have received orders totaling over Rs 14 crore as a result of their participation in the event’s previous four editions.
She stated that the bulk of businesses are popping up in clusters like Mumbai, Thane, Pune, Aurangabad, and Nagpur, and she encouraged entrepreneurs to expand their operations throughout the state. She noted that the state places a high value on skilling to guarantee that the essential expertise is accessible for businesses in need.
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