Tamil Nadu Govt Plans A $77 Mn VC Fund In Bid To Build The Next Top Tier Startup Hub
Tuesday, April 25, 2017
“She is a quaint city with quirky street names…She offers global cuisines on roadside carts, Piping hot idlies at the stroke of midnight… Is it denims,dry fruits or spices you want? Books, electronic or musical instruments? Name it and she will let you have it… She is the modernity that villages lack and the tradition long forgotten by cities.” – Source: YourQuote.in
These few lines perfectly describe Tamil Nadu – also known as the land of temples. The Madras Presidency was established in 1773, while the state of Madras was formed in 1950. The state was renamed as Tamil Nadu (land of Tamils) on January 14, 1969. Since then, Tamil Nadu has graciously embraced both its age-old traditions and new lifestyles. It is ranked as one of the top seven developed states in India based on RBI’s “Multidimensional Development Index” Report 2013, and is home to eight UNESCO World Heritage Sites.
Over the years, the state has also taken significant steps towards digitalisation and has been a forerunner in the IT sector. As part of its proposed e-governance initiatives, a large part of government records and major state government offices have also been computerised.
In keeping with the startup frenzy taking over India, the Tamil Nadu state government is also keen to promote entrepreneurial projects in the state. Recently, the state government revealed plans to set up a $77.4 Mn (INR 500 Cr) venture capital fund to boost the startup ecosystem in the state, reported Hindu Business Line. The fund is proposed to be run with the help of industry experts.