The Codissia Defence Innovation and Atal Incubation Centre (CDIIC) has signed an agreement with the Small Industries Development Bank of India (SIDBI) to get funding for startups that are incubated at its facility in Coimbatore.
The SIDBI has allocated ₹2 crore for this project and it will invest up to 10 % of the company’s value for start-ups recommended by the CDIIC, said M.V. Ramesh Babu, additional director of CDIIC.
“When a startup develops a product and it has to be commercialised, if the startup requires funds, this will be useful,” he said. The CDIIC is incubating 25 startups now and about three have graduated. Another 3-4 will graduate soon. Further, 18 of these startups have won Defence India Startup Challenge.
Union Finance Minister Nirmala Sitharaman, who inaugurated the second branch of SIDBI here on Tuesday, visited the CDIIC and interacted with the startups.
A press release from CDIIC said Ms. Sitharaman had announced the setting up of the CDIIC in 2019 when she was the Defence Minister and sanctioned funds for the same.
