Maharashtra Government to launch Rs 200 crore for deep tech and women led startups
- ByStartupStory | June 13, 2022
Manisha Verma, IAS, principal secretary of the Maharashtra State Innovation Society, announced that the Maharashtra government will establish an Rs 200 crore women-focused fund to invest in early-stage deeptech startups.
Verma stated at the Mumbai India Unicorn Summit 2022 that the ‘Maharashtra Innovation and Technological Development Fund’ will prioritise women entrepreneurs leading deeptech and socially relevant startups.
The Maharashtra government is also planning to launch a seed fund for startups. She added that the state government already has a slew of investment vehicles in place, in collaboration with financial players, to make equity investments in startups. SIDBI-led Maharashtra Social Venture Fund, Maharashtra State Defence and Aerospace Fund, and IDBI Capital-led fund for entrepreneurs from marginalized communities are among these initiatives.
When discussing the Maharashtra Startup Week, she emphasized that 96 startups received orders totaling more than Rs 14 Cr as a result of their participation in the previous four editions of the event. A slew of startups from Mumbai, Thane, Pune, Aurangabad, and Nagpur are taking part in the Maharashtra Startup Week. Verma encouraged these startup entrepreneurs to expand into other parts of Maharashtra.
She also stated that the state government is focusing on skilling (young people) so that startups can access the right talent. The moves by the Ine Maharashtra government come at a time when India has its 102nd unicorn ecommerce startup, Purple.
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