Tamil Nadu to set up Rs 250 crore-fund to help form 5,000 startups

The state will invest Rs 75 crore in the fund and the first tranche of Rs 25 crore will be allotted in 2019-2020

The Tamil Nadu government will set up a Rs 250-crore fund for start-ups. The fund will be part of the state's new startup and innovation policy, which was launched, on Saturday, to boost start-up ecosystem in the state. 

The new policy was announced three days before the scheduled Global Investors Meet in Chennai on January 23 and 24. The policy aims to create around 5,000 startups, including 10 global high-growth startups, and to create a minimum of 1,00,000 high skilled job creation, direct and indirect, in the startup ecosystem by 2023.

The proposed fund will be managed by a professional