Chennai, Tamil Nadu, India (NewsSee) In a bid to empower startups in the country, Chennai-based Billionaire Venture Incubation, via Special Purpose Vehicle (SPV), has launched a startup incubation fund.
Billionaire Venture (BV) Incubation Board Member Dr. SubhashSukumar said, “The newly formed SPV will allocate approximately $200 million to expand capital to approximately 150+ startups in Tamil Nadu, Karnataka and Maharashtra. . Plans are also underway to expand to the northern part of the country at a later date.” In addition to creating thousands of jobs through this initial initiative, the SPV will fulfill the dream of many young entrepreneurs to further promote such startups in the country and create millions of jobs in the years to come.
Mr. Sukumar said, “The SPV will facilitate knowledge sustenance in our country and additional contribution to GDP as more and more entrepreneurs, including IIT graduates, are keen to promote startups. The encouragement given by both Central and State governments in the form of investment subsidy will also encourage new entrants.” Detailing how the 16 identified verticals operate, the SPV will immediately focus on certain verticals such as Fintech, Edutech and other critical areas. In addition to expanding capital, the SPV would provide technology and education related to the business of new entrants.
Mr. Sukumar added, “The funding system was designed in a way to protect the SPV as well as the startups. The SPV would waive the dividend for the first two years. But will monitor the operation of the relevant startups during the two-year period. Even if operations are disrupted, the SPV will take over and transfer operations to other successful startups, while providing profit sharing for the remaining period. This protection in the initial period will attract more startups.” Plans are also underway to introduce more verticals to expand the operations of Billionaire Venture’s new initiative.
Billionaire Venture Incubation is committed to partnering with early-stage startups and bringing entrepreneurs and investors together to build breakthrough companies and deliver the right combination of investment, intelligence and global network.
Given its vast experience in empowering businesses across Asia, DBS Bank India will be a preferred banking partner to offer startup banking solutions under this program.
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