T-Hub, which leads India’s pioneering innovation ecosystem, said that its T-fund programme had awarded Rs 15 million to three firms. Perspect.Ai won Rs 1 crore, Millet Bowl received Rs 25 lakh, and Lauriko received Rs 25 lakh apiece, according to a press statement. The Telangana government established T-Fund as part of its State Innovation Policy to encourage early-stage technology firms in the state using financing provided by the ITE&C Department. T-Hub has been recruited as the fund’s investment manager, and the Telangana government has set out Rs 15 crore in the budget for 2021-22 to get the T-Fund up and running.
T-Fund wants to invest in 15-20 firms every year, with an average ticket size of Rs 25 lakh to Rs 1 crore, with a goal of supporting 100 startups over the next five years.
T-Hub CEO Mahankali Srinivas Rao said, “Startups have the potential to become engines of job creation, and each successful startup helps us in creating a robust and thriving innovation ecosystem. With T-Fund, our priority is to accelerate the process of innovation and provide scaling opportunities with funding support to deserving startups. Ultimately, benefiting entrepreneurs to get enabled for the growth in global markets.”
Jignesh Talasila, Co-founder & CEO of Perspect.Ai said, “This money will help us reach our next milestone at least six months in advance— by strengthening our product and sales teams.”
Sanjay Kumar, CEO and Managing Director of Millet Bowl said, “We are thankful to T-Hub and T-Fund initiative for this fund which will be utilized for scaling up and reaching out to consumers across India. This fund will also enable us in providing incentives and equitable benefits to the millet farmers in Telangana”, he said.
Lavanya Sunkari, Founder and CEO of Lauriko said, “Being World’s 1st D2C brand to work on Lauric composition in the Nutraceutical segment, we shall utilize the current funds towards Research and Development (R&D), technology and team expansion.”
