TIDCO backs two home-grown startups, invests ₹25 crore in each

The Tamil Nadu Industrial Development Corporation (TIDCO) has announced an investment of ₹25 crore each in two emerging startups that originated in the State - Agnikul Cosmos and Raptee Energy for a minority equity stake. The board of TIDCO approved both these deals under the TIDCO Startup Investment Policy 2025.

“We want to support our home-grown startups,” Tamil Nadu’s Industries Minister T.R.B. Rajaa said. He then recalled how TIDCO has invested and partnered in several ventures during its early days. “TIDCO was started in 1965. In 1972, TIDCO made its first investment in Southern Petrochemical Industries Corporation (SPIC). It later backed several successful ventures, including Titan Company,” he explained.

“We will deploy these funds to build infrastructure at Kulasekarapattinam, where we have a 300-acre land. Construction is expected to begin later this year, and the first phase is likely to be completed within a year. The facility will enable the entire rocket to be manufactured at this location, with the launchpad situated about an hour’s drive away,” said Srinath Ravichandran, Co-Founder & CEO of Agnikul Cosmos. “Having the government invest in a deep-tech startup is the strongest sign to show that the Government supports and recognizes original technology built in the country,” he added.

Founded in 2019, Raptee.HV is a electric motorcycle startup. Dinesh Arjun, CEO and Co-Founder of Raptee Energy said: “We started commercial sales in February and have sold 15 bikes so far. This month, we are looking at selling around 30 bikes as we slowly scale up. By the end of this calendar year, we hope to sell around 1,500 bikes across Chennai, Bangalore, and Hyderabad.” The startup has its manufacturing facility at Manapakkam, Chennai.

TIDCO has been authorized to invest up to ₹25 crore in eligible startups in sectors, including electric vehicles, renewable energy, aerospace, agro and food processing, technical textiles, specialty chemicals among others. 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 catalyzing private enterprise. Over the decades, TIDCO has partnered in more than 130 ventures, helping create several industrial enterprises.