The announcement of startup fund was made by Jayesh Ranjan, who is Telangana’s Principal Secretary of IT and Commerce department. He was speaking at the National Startup Conclave at IIIT Hyderabad, which held on Saturday.
Notably, funding in startup by state governments is one of the criterias on which the Central government judges and ranks startup ecosystems in each Indian state.
Telangana, which already a proud state of having India’s largest startup incubator, T-Hub, is now investing Rs 300 crore in second phase of T-Hub to make it the world’s largest incubator. The second phase of T-Hub will start functioning by the end of this year.
T-Hub CEO Ravi Narayan, who was also speaking in the same event, said that there are 4,000 startups in Telangana, contributing to around 15-20% of the overall startups in India and that they are growing at a rate of more than 30 per cent on a yearly basis, whereas the growth in the country is 15-20 per cent.
“Telangana has more than 50 incubators and accelerators that support startups. There are around 300 to 400 MNCs operating in Telangana. About 30 to 40 per cent are directly or indirectly associated with the startup ecosystem,” Narayan said further.
Moreover, in order to support state startups, Telangana govt has launched a commendable initiative of procuring products from startups born in Telangana. Currently, the state govt is evaluating 15 to 20 products and services for procurement.
Late last month, Telangana had released its draft Blockchain policy and with this it has also conceptualised India’s first Blockchain District, which will be within Hyderabad district.