Three startups get ₹1.5 crore from T-Fund

Technology innovation eco-system enabler T-Hub has disbursed a total of ₹1.5 crore through T-Fund to three startups.

While Perspect.Ai received ₹1 crore, the other two startups — Millet Bowl and Lauriko - got ₹25 lakh each, said T-Hub, which is the investment manager for the Telangana government led fund. It was allocated ₹15 crore in 2021-22 State Budget to initiate T-Fund operations.

T-Fund is part of the State Innovation Policy to support early-stage technology startups of Telangana with funding that will be sponsored by the IT Department. The plan is to support 15-20 startups every year with ₹25 lakh – ₹1 crore each from the Fund. The aim is to support around 100 startups over five years, T-Hub said in a release on Monday.

“Our priority is to accelerate the process to innovate and provide scaling opportunities with funding support to the deserving startups,” T-Hub CEO M.Srinivas Rao said.

A co-investment fund primarily, T-Fund will invest alongside Angel investors — Angel Networks — and venture capitalists, in equity, equity-linked instruments, compulsory convertible debt instruments and other instruments such as compulsory convertible preference shares and compulsorily convertible debentures.

An Investment Advisory Committee has been appointed by T-Hub to operate and manage the fund, which includes industry experts, government representatives and investors.

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Printable version | Jul 8, 2022 2:40:28 am | https://www.thehindu.com/news/cities/Hyderabad/three-startups-get-15-crore-from-t-fund/article65268233.ece