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Start-up Odisha growth fund gets Rs 1,000 cr commitment, disbursal in 5 yrs

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Tie Bhubaneswar and Start-up jointly flagged off the Hall of Fame 2.0 event on Monday. Omkar Rai, Executive Chairman, Start-up Odisha, who flagged off the event, revealed on his address that the Start-up Growth Fund, Fund of Funds, has attracted a commitment of over Rs 1,000 crore.


Hall of Fame 2.0 was also addressed by Manoj Mishra, Secretary, Electronics and IT, Government of Odisha, Debashish Patnaik, President, TiE Bhubaneswar, and Sunil Taneja, Vice President, TiE Bhubaneswar.


Twenty five start-ups from across showcased their products and ideas at a specially organised exhibition during the event.


Speaking at the inauguration, Rai of Start-up Odisha said, “We have been receiving very encouraging response from the start-ups on the ground from across the State. The recently concluded Odisha Start-up Growth Fund, Fund of Funds, has attracted a commitment of over Rs 1,000 crore, which will be made available to start-ups and will be invested in another five years.”


He further revealed that during the current year, the start-up ecosystem in Odisha has received around Rs 100 crore funding, with total funding from angel investors and venture capitalists having risen to Rs 359 crore.


“Odisha today has a large pool of mentors and world-class incubators, with a best-in-class start-up policy. We are in the process of revising the Start-up Policy, and an enhanced policy will be announced at the forthcoming Make in Odisha Conclave 2022,” Rai added.


This was the second edition of “Hall of Fame,” a platform for start-ups to showcase their products and services at a specially curated exhibition in the city.


In his address, Mishra said, “The IT space in Odisha has been changing rapidly for the better and start-ups have had a large role to play. The exhibition by the 25 start-ups at Hall of Fame 2.0 is very impressive with a wide variety of products, both IT and non-IT, representing the whole start-up ecosystem in the state. My advice to start-ups is not to stop self-growth.”


He urged start-ups to not chase valuation, but chase the value for their product and create values to make their company flourish, instead.


High level investors from across the country including Mumbai Angels, Indian Angels, Lets Venture and others interacted with the start-ups and shared with them financial management methods related to their products and services.


An open house session was also conducted with investors for start-ups to interact, clear doubts and receive advice on entrepreneurship.


Shri Debashish Patnaik, President, TiE, Bhunabeshwar, in his address said, “Hall of Fame was planned to showcase the innovative ideas and creativity of deserving start-ups, whose expertise has not been recognised. Hall of Fame 2.0 showcases 25 start-ups, who have displayed their products in the exhibition.”


Delivering the vote of thanks, Shri. Sunil Taneja, Vice President, TiE, Bhubaneshwar added, “TiE is here to support entrepreneurs. In order to be considered as entrepreneurs, you need to hire, you must delegate, you have to be last in the line with regard to finance and money, salaries, taxes and other overheads need to be paid first, and lastly you should have no fear of failure.”

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