The Tamil Nadu government is accepting applications from companies with unique ideas in emerging sectors that are seeking investment through the Tamil Nadu Emerging Sector Seed Fund (TNESSF).
All the details regarding the application submission have been posted on the Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC) website.
Companies working on innovation, development, or improvement of products or processes in emerging sectors such as AI/ML, cloud computing, advanced manufacturing/robotics, blockchain, cybersecurity, IoT, AR/VR, agritech, health tech, ed-tech, climate action, fintech, cleantech, future of work, gaming, ad tech and other sectors would be eligible for funding, according to details posted on the website.
The financing would be divided into two categories, according to Sivarajah Ramanathan, Chief Executive Officer of Tamil Nadu Startup and Innovation Mission (TANSIM).
He also said: “We will also see what support system we can provide them apart from funding and we will also see how we can align with them. The idea is to create a strong startup ecosystem.”
Eligibility for TNESSF
Start-ups
• Should be a company established under the Companies Act, 2013 or a limited liability partnership registered under the Limited Liability Partnership Act, 2008.
• Should be headquartered in Tamil Nadu or be willing to relocate to Tamil Nadu.
• Working towards innovation, development, or improvement of products or processes in any sector.
• Should be in existence for less than ten years from the date of its incorporation.
• Turnover for any of the financial years since incorporation has not exceeded Rs. 25 crores.
Non-Startups
• Should be a company established under the Companies Act, 1956/ 2013.
• Should be headquartered in Tamil Nadu or be willing to relocate to Tamil Nadu or have significant operations in Tamil Nadu.
• Working towards innovation, development, or improvement of products or processes in the emerging sectors such as AI/ML, Cloud Computing, Advanced Manufacturing/ Robotics, Blockchain, Cyber Security, IoT, AR/VR, AgriTech, HealthTech, EdTech, Climate Action, FinTech, CleanTech, Future of Work, Gaming, AdTech and other emerging sectors listed in the TN Industrial Policy.
Application process
• Applicants may send their proposal to [email protected].
• There is no set format for submitting applications. Applicants may submit written proposals via email that include information about the company, the business or revenue model, the funding requirement, and the intended use of the funds.
• TNIFMC would revert to applicants for any further information.
• Shortlisted applicants would be invited for direct interactions in a multi-staged selection process.
Even though there is no deadline for application submission, the details shared by the authority clearly said that the first batch of evaluations will cover proposals that will be received by May 30 this year.
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