Maharashtra is Launching a Fund Worth Rs 200 crore to Invest in Woman led Businesses

By: WE Staff | Saturday, 11 June 2022

Maharashtra is launching a Rs 200 core fund to invest in deep tech startups in the state, with a preference for women and socially relevant founders. The "Maharashtra Innovation and Technological Development Fund," according to senior officials, will be a 200 crore corpus for early-stage startups in the state. Manisha Verma, the senior secretary for the skills, employment, entrepreneurship, and innovation department, said the fund will focus on deep/tech, women-led enterprises, and socially relevant firms while speaking at a Tiecon event. Funding For Startups Maharashtra is also considering introducing a seed fund for companies, according to Verma, but he did not elaborate.

According to Business Standard, she stated that the state already has a bevvy of vehicles for making equity investments in startups, which were developed in collaboration with finance companies with domain expertise. The Small Industries Development Bank of India (Sidbi) manages a 120-crore Maharashtra Social Venture Fund, while IDBI Capital manages a 330-crore Maharashtra State Defence and Aerospace Fund and an 80-crore fund for entrepreneurs from marginalised groups. The official in charge of the Maharashtra State Innovation Society stated the annual "Maharashtra Startup Week" is presently taking place and encouraged firms to submit entries. She said that 96 businesses have earned orders worth more than 14 crores as a result of their participation in the event's previous four editions.

According to Verma, the majority of companies have emerged in clusters like as Mumbai, Thane, Pune, Aurangabad, and Nagpur, encouraging entrepreneurs to venture further into the state. She stated that the state is focusing on skilling to guarantee that the necessary expertise is available for companies in need. STEM Participation by Women According to The Economic Times, women account for roughly 43% of all STEM graduates in India. Although just 14% of scientists, engineers, and technicians work in research development institutions and universities, it is one of the highest in the world.

Furthermore, India is one of the countries with the biggest number of scientists and engineers, with STEM-related growth picking up significantly in recent years.