Chennai (Tamil Nadu) [India], March 14 (ANI): Tamil Nadu Minister for Industries, TRB Rajaa, on Saturday said that state government has begun investing in promising high-tech startups through Tamil Nadu Industrial Development Corporation (TIDCO), backing firms such as Agnikul and Raptee, with the aim of strengthening the innovation ecosystem and encouraging young entrepreneurs under the leadership of Chief Minister M K Stalin.
Speaking in Chennai after the Tamil Nadu Industrial Development Corporation (TIDCO) announced the move, Rajaa said the state government aims to support promising companies working in high-tech and emerging sectors.
“All of India should replicate what Tamil Nadu is doing today. Start-ups across India need the backing of the state… This is a state saying that we trust the young minds of India, of Tamil Nadu, and we will back your ability to create products for this industry,” he told reporters.
Rajaa emphasised that the investments are not solely aimed at generating financial returns for the government but at building confidence among young innovators.
“We’re trying to build Product Nation TN for India and for the world, and this is just a first step.Right now Tamil Nadu is looking at investing into promising high tech emerging tech companies. It’s not just to make money for the government.This is just a reassuring pat on the back for the amazing startups. Today we’ve invested in Agnikul, which is one the best space tech startups in the country, probably in the world… We also invested into Raptee.These two companies are going to make Tamil Nadu and India proud… It’s a very small investment initially… It’s only 25 crores in each company. But the idea that a government is backing a quality startup is a fair bit of a fresh air.”
Highlighting the growth of the startup ecosystem in the state, Rajaa said Tamil Nadu has witnessed a sharp rise in the number of new ventures in recent years.
“State, under the leadership of M K Stalin, has reinforced its faith in youngsters and young entrepreneurs who are striving to make India proud. This effort is for India; it is not just for one state. It is a state declaring that it trusts the young minds of India, the young minds of Tamil Nadu, and their ability to succeed. Today, we have well over 13,500 startups, and I believe we are close to 15,000 now. These are all remarkable ventures, many of which have filed impressive patents,” Rajaa told reporters.
The board of the Tamil Nadu Industrial Development Corporation (TIDCO) has approved an investment of Rs 25 crore each in space tech startup AgniKul Cosmos and electric mobility startup Raptee Energy under the TIDCO Startup Investment Policy 2025. (ANI)