Tamil Nadu prepares $29.5m Amma Venture Capital Fund

The Indian state’s government venturing fund will collaborate with Chennai-based biotechnology incubator Golden Jubilee Biotech Park for Women’s Society.

The Indian state of Tamil Nadu is set to launch its $29.5m government venturing fund in the near future, KnowStartup reported yesterday.

Dubbed Amma Venture Capital Fund, the vehicle is being set up by the Ministry of Finance. It will work with biotechnology incubator Golden Jubilee Biotech Park for Women’s Society, which was itself established by the state’s Department of Biology in collaboration with M S Swaminathan Research Foundation.

The incubator, located in Tamil Nadu’s capital Chennai, exclusively focuses on women entrepreneurs and hopes to support approximately 500 founders by 2021.

Startups will receive $150,000 in funding from Amma, with 25% in the form of equity and the remaining 75% in the form of debt.

See more from this Government Report: India

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