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Telangana Govt invites state-based startups for next batch of incentives

Hyderabad: Telangana government invited applications open for the state-based startups for the next batch of incentives.

The eligible startups can leverage incentives under performance grants, patent expenditure reimbursement, SGST reimbursement, and recruitment assistance, a release from the IT department said here on Thursday.

The state government had recently handed over incentives under innovation policy to 11 startups, who have justified the eligibility criteria and necessary documentary evidence.

67 applications have been received from 32 startups under four categories- Performance grant, Reimbursement of Patent expenditure, SGST reimbursement, and Recruitment assistance, out of which 17 applications have been sanctioned to 11 startups.

The startups received incentives from Chief Secretary to Telangana Government Somesh Kumar, IAS, along with Principal Secretary ( IT and IC Department) Jayesh Ranjan.

TSIC Chief Innovation Officer and T-Hub Chief Executive Officer, Ravi Narayan said, Telangana is a startup state and we have moved further in helping startups in a sector-specific manner. This is an outcome of not just providing mentorship, and facilitating connections to investors, but we are now in the stage of providing the funding support under state incentives.

We hope to have many other financial and monetary benefits rolled out that can be availed by the startups, for which I call out all the eligible startups to apply for the next batch of incentives to leverage the support being extended, he added.

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