TIDCO to invest Rs. 25 crore each in Raptee Energy and AgniKul Cosmos, Industries Minister TRB Rajaa hands over approval letters

According to a press release by TIDCO, "These investments mark the first deployments under the policy and signal the Government of Tamil Nadu's decision to directly support high-potential startups emerging from the state's deep-tech and advanced manufacturing ecosystem."

Under the visionary leadership of Chief Minister of Tamil Nadu MK Stalin, the state continues to create innovative new policies and methods to secure the industrial and economic future of the State.

Handling over the investment approval letters to Dinesh Arjun, CEO and Co- Founder of Raptee Energy, and Srinath Ravichandran, CEO and Co-Founder of AgniKul Cosmos, Minister for Industries Dr TRB Rajaa said, "Since 2024, we have been working on reimagining TIDCO's role in the Department of Industries. Making Tamil Nadu a "Product Nation" has been the ambition of the Honourable Chief Minister, and my personal target, for two years. To lay the foundation for that target, we rebranded TIDCO as a "Venture Catalyst - the first step towards reforming the organisation into a robust investment arm of the government that helps secure the state's future in sunrise sectors. With these investments, we have opened a brand new chapter in TlDCO's journey with the ambition to recreate the success of our early investments, like the one in TITAN, across many more promising startups."

Arun Roy, IAS, Secretary to the Department of Industries said, "Under this policy, TIDCO has been authorised to invest up to Rs 25 crore in eligible startups across sunrise sectors such as electric vehicles, renewable energy, aerospace and defence, semiconductors, medical electronics, advanced technologies including artificial intelligence, blockchain and quantum computing, agro and food processing, technical textiles and speciality chemicals. The policy enables investments across the startup lifecycle, from early-stage innovation to scale and expansion, ensuring that high-growth Tamil Nadu companies have access to patient capital within the State."

Srinath Ravichandran, CEO and Co-Founder of Agnikul, said, "On a visit to the IIT Madras Thaiyur campus last year, our Honourable Industries Minister Dr TRB Rajaa gave us his valuable time and allowed us to explain what we are building for the world, from Tamil Nadu."

"Now, to have an actual investment from TIDCO into deep tech startups such as ourselves shows that the entire Tamil Nadu Government, under the able leadership of Honourable Chief Minister MK Stalin, is focused and serious about developing Tamil Nadu as a technology hub from the grassroots. I am extremely grateful to the Honourable Chief Minister and the Honourable Industries Minister for their deep understanding of what tech startups need and for their willingness to support us through an equity investment," he added.

Dinesh Arjun, CEO and Co-Founder of Raptee Energy, said, "Having TIDCO as a direct investor is a historic first for any state in the country, and it provides Raptee with the institutional credibility to compete on a global stage. This milestone would not have been possible without the forward-thinking leadership of the Honourable Chief Minister MK Stalin and the hands-on encouragement of the Industries Minister Dr TRB Rajaa."

"From our early days to this significant backing, the Minister has personally championed our mission, providing the guidance and ecosystem support necessary for a deep-tech startup to thrive. We are proud to be building world-class electric motorcycles in Tamil Nadu, fuelled by a government that truly believes in the power of home-grown innovation," he added.

Investment proposals under the new policy will be evaluated through a dedicated TIDCO Investment Committee comprising the Managing Director of TIDCO, the Finance Director, an Independent Director and two external subject matter experts.

Tamil Nadu has a long tradition of public institutions catalysing private enterprise. Over the decades, TIDCO has partnered in more than 130 ventures, helping create several landmark industrial enterprises. Its repositioning as a venture catalyst represents an important evolution in the institution's role and strengthens Tamil Nadu's institutional capacity to support innovation-led industrial growth. (ANI)