CDIIC, SIDBI partner to boost Coimbatore startups with Rs 2 cr funding

  • Industry News
  • Oct 06,23
The Codissia Defence Innovation and Atal Incubation Centre (CDIIC) has entered into a funding agreement with the Small Industries Development Bank of India (SIDBI) to support startups incubated at its Coimbatore facility.
CDIIC, SIDBI partner to boost Coimbatore startups with Rs 2 cr funding

The Codissia Defence Innovation and Atal Incubation Centre (CDIIC) has entered into a funding agreement with the Small Industries Development Bank of India (SIDBI) to support startups incubated at its Coimbatore facility.

Under the agreement, SIDBI has earmarked Rs 2 crore for this initiative, pledging to invest up to 10% of the startups' valuation recommended by CDIIC, as stated by MV Ramesh Babu, additional director of CDIIC. This funding will prove invaluable for startups looking to commercialise their products and in need of financial assistance, he added.

Presently, CDIIC is incubating 25 startups, with three already graduated and 3-4 more set to graduate soon. Notably, 18 of these startups have emerged victorious in the Defence India Startup Challenge. Union Finance Minister Nirmala Sitharaman, during her visit to the CDIIC, highlighted her announcement of the center's establishment in 2019 when she was the Defence Minister, underscoring the funding allocation for this purpose.

Source: The Hindu

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