Tamil Nadu establishes VC fund to promote entrepreneurship

The Indian state of Tamil Nadu eventually plans to invest $77.4 million through a venture capital fund to support local startups and proposes enlisting industry leaders to help run the fund. The state also plans to spend $1.5 million for an annual entrepreneurship fair.

Tamil Nadu’s capital, Chennai, has long been a manufacturing hub in India, but Bangalore in the neighboring state of Karnataka is the recognized startup and tech center.

Lately, though, Chennai has been gaining traction as a place for entrepreneurs. Between 2014 and 2016, 70 Chennai-based startups have secured $467 million in funding, Inc24 reported.

More recently, Diabetes Specialities Centre, a healthcare-services company, raised $10 million; Waycool, a fresh-food distributor, raised $2.7 million; and CreditMantri, a financial-tech firm, raised $7.6 million. All three deals were featured in The Brief!

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