Hyderabad: The Telangana government on Thursday invited start-ups from the state to apply for incentives for the next incoming batch. The eligible startups will be able to leverage incentives for a performance grant, for patent expenditure reimbursement, State Goods & Services Tax (SGST) reimbursement, and recruitment assistance as well.
The invitaton come after the government recently handed over incentives under its innovation policy to 11 startups who were eligible in the mentioned above criteria and provided necessary documentary evidence.
There were 67 applicants from 32 startups under four categories- Performance grant, Reimbursement of patent expenditure, SGST reimbursement, and recruitment assistance, Out of that,17 applicantions were been sanctioned to 11 startups, a press release from state IT minister K T Rama Rao’s office on Thursday.
Ravi Narayan, chief innovation officer of the Telangana state Information Commission (TSIC) and chief executive officer of T-Hub said, “Telangana is a startup state and we have moved further in helping startups in a sector-specific manner. This is an outcome of not just providing the mentorship, and facilitating connections to investors, but we are now in the stage of providing the funding support under state incentives.”
The startups received the incentives from chief secretary to Telangana government Somesh Kumar along with Jayesh Ranjan, principal secretary to IT & IC, and government of Telangana. Eligible startups, or those who are interested in seeking incentives for their companies can check www.startuptelangana.gov.in for more details.