CHENNAI: The Tamil Nadu Industrial Development Corporation (Tidco), the State-run nodal body that played a key role as joint venture partner in a wide variety of companies, including Titan, will invest Rs 25 crore each in two Chennai-based startups — Agnikul Cosmos and Raptee Energy – Industries Minister TRB Rajaa said on Saturday.
Speaking to reporters, Rajaa said the investments were approved by the corporation’s board under the Tidco Startup Investment Policy-2025, marking a calibrated push by the State government to support deep-tech and advanced manufacturing startups.
Since its establishment in 1965, Tidco has invested in major companies such as Titan (along with Tata), SPIC, and Lakshmi Machine Works during the early years of industrial development in Tamil Nadu, the minister noted. However, he added, large-scale investments by government enterprises had been limited in recent decades.
“Now we have taken the initiative to identify startups with unique potential in sectors such as quantum computing, space technology, electric mobility and energy,” the Minister said.
According to him, a selection committee with independent directors was constituted to identify promising startups. Based on the committee’s recommendations, the Tidco board approved investments in Agnikul Cosmos, a space technology startup, and Raptee Energy, an electric mobility company.
Rajaa handed over the approval letters to the founders of the two startups.
Raptee Energy, represented by CEO and co-founder Dinesh Arjun, is developing high-performance electric motorcycles and advanced mobility technologies. Agnikul Cosmos, led by CEO and co-founder Srinath Ravichandran, focuses on small satellite launch vehicles and 3D-printed rocket engines.
Industries Secretary V Arun Roy and Tidco Managing Director Sandeep Nanduri were present at the function.