Tamil Nadu to set up Rs 250 crore fund to assist start-ups

The Tamil Nadu government will set up a start-up fund with a corpus of Rs 250 crore for investments in start-up businesses, as per the new Tamil Nadu Startup and Innovation policy 2018-2023 unveiled by Chief Minister K. Palaniswami on Saturday. According to the policy, the first tranche of Rs 25 crore will be allotted in the financial year 2019-2020. Called Tamil Nadu Startup Fund of Funds, it will be managed by a professional financial agency like the Small Industries Development Bank of India.