Maharashtra To Invest In Women-Led Deep Tech Startups; Will Launch Rs 200 Cr Fund

The market was once governed by big corporations, however, the scene gradually changed with many startups coming into the picture. Startups are ventures which typically focus on a single product or service. Founders of the companies initially fund the startups.

It is unsure how the idea of owning startups boomed but it has become a great career option and has seen many entrepreneurs launch services, and products and later expand in the market.

These booming ventures are being recognised as game changers and now the Indian state of Maharashtra has decided to invest further in the deep-tech startups from the state.

Maharashtra To Invest In Women-Led Startups

Speaking to the media on June 10, Manisha Verma, the principal secretary for the skills, employment, entrepreneurship and innovation department, said that Maharashtra will be investing Rs 200 crore fund in deep tech startups in the state, preferably which are socially relevant and are women-led. She said this while addressing a Tiecon event here.

During her presentation at the summit, she said, “The fund will have a special focus on deep/tech, women-led businesses and socially relevant start-ups.” She, without divulging many details, added that the state is also mulling over launching a seed fund for the startups.

Verma mentioned during the event that Maharashtra has a slew of vehicles to make equity investments in such ventures which were launched in association with the finance experts having domain expertise.

The investment means include--Rs 120-crore Maharashtra Social Venture Fund, managed by the Small Industries Development Bank of India (SIDBI), Rs 330 crore Maharashtra State Defence and Aerospace Fund and Rs 80 crore fund for entrepreneurs hailing from marginalised communities which are managed by IDBI Capital.

Verma urged businesses to apply with entries for the ongoing Maharashtra Startup week. Reports quoted Verma as saying, “in the last four editions of the event, 96 start-ups have received orders of over Rs 14 crore through their participation.”

She added that the bulk of startups is coming up in the cities like Mumbai, Thane, Pune, Aurangabad and Nagpur. She also urged the entrepreneurs to dive deeper into the different parts of the state. Verma then proceeded to say that Maharashtra is paying special attention to the state on helping people hone skills to ensure the right talent is available for companies where they need it.

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