Start-up Odisha Growth Fund receives Rs 1,000 crore investment with a five-year payout schedule
- ByStartupStory | November 22, 2022
On Monday, the Hall of Fame 2.0 event was jointly inaugurated off by Start-up Odisha and Tie Bhubaneswar. The event’s opening speaker, Omkar Rai, Executive Chairman of Start-up Odisha, announced during his speech that the Odisha Start-up Growth Fund, Fund of Funds, has received a commitment of more than Rs 1,000 crore. Manoj Mishra, Secretary, Electronics and IT, Government of Odisha, Debashish Patnaik, President, TiE Bhubaneswar, and Sunil Taneja, Vice President, TiE Bhubaneswar spoke at Hall of Fame 2.0 as well. During the event, a specially organised expo featured the goods and ideas of 25 start-ups from throughout Odisha.
“We have been receiving extremely promising reaction from the start-ups on the ground from around the State,” Rai of Start-up Odisha remarked during the opening remarks. Over Rs 1,000 crore has been committed to the recently concluded Odisha Start-up Growth Fund, Fund of Funds, which will be made available to start-ups and invested over the next five years.
He added that the start-up ecosystem in Odisha has received about Rs 100 crore in funding so far this year, bringing the total funding from angel investors and venture capitalists to Rs 359 crore. Odisha has a sizable pool of mentors now, as well as top-notch incubators and the best start-up policies. The Start-up Policy is currently being revised, and an improved version will be unveiled at the upcoming Make in Odisha Conclave 2022, according to Rai. This was the second iteration of “Hall of Fame,” a venue for start-ups to display their goods and services at an exhibition that had been carefully curated for the city. The IT sector in Odisha has been improving quickly, according to Mishra, and start-ups have played a significant part in this. The 25 start-ups’ exhibit at Hall of Fame 2.0 is highly remarkable, featuring a wide range of products—both IT and non-IT—that represent the state’s whole start-up ecosystem. I tell startups to keep growing themselves.
He advised start-ups to pursue the value of their products instead of valuation, and to create values that will help their business succeed. High-level investors from all over the nation, such as Mumbai Angels, Indian Angels, Lets Venture, and others, interacted with the start-ups and shared financial management techniques with them related to their goods and services. Additionally, investors held an open house event where start-ups could engage, ask questions, and get business guidance. In his speech, Shri Debashish Patnaik, President of TiE, Bhunabeshwar, stated that the Hall of Fame was created to highlight the creative thinking and innovative ideas of deserving start-ups whose skills have not yet been acknowledged. 25 start-ups are featured in Hall of Fame 2.0, and they have products on display in the exhibition. In addition, TiE is here to support entrepreneurs, said Shri. Sunil Taneja, vice president of TiE, Bhubaneshwar, during the vote of thanks. You must hire, delegate, be last in line for finances and money, paying salaries, taxes, and other overheads before anything else, and you must have no fear of failure in order to be considered an entrepreneur.
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