TN's Emerging Sector Seed Fund invites applications from entrepreneurs

CHENNAI: The Tamil Nadu government is calling for applications from

entrepreneurs

for investment from the Tamil Nadu Emerging Sector Seed Fund (TNESSF) that was announced in the state budget in March.


The Rs 50crore fund has been established to invest in both startups and other enterprises that are working in 'sunrise/ emerging’ sectors including AI/ML, cloud computing, advanced manufacturing/robotics, blockchain, cybersecurity, IoT, AR/VR, agritech, healthtech, edtech, climate action, gaming, adtech and others, in return for equity.

Those eligible to apply should be headquartered in Tamil Nadu or be willing to relocate to the state or have significant operations in TN. They must be working towards innovation, development or improvement of products or processes in the above mentioned emerging sectors.

"The purpose is to identify and invest in bankable startups and emerging sector companies to add alpha to the business in the form of financial and non-financial support. The differentiator in the programme is that even a long-standing MSME with separate divisions working on specified sectors will be eligible.

TANSIM

(Tamil Nadu Startup and Innovation Mission) will be a partner that helps spread the word and garner more applications from the state's entrepreneurs," Sivarajah Ramanathan, CEO, TANSIM, said.

The fund is being managed by Tamil Nadu Infrastructure Fund Management Corporation. While there is no deadline to apply, the first batch of evaluation will cover proposals received till May 30, 2022.


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