Kerala plans to set up dedicated VC fund, open govt market for startups

Fund to be set up with backing of public sector banks and Kerala State Industrial Development Corporation

The Kerala Government is planning to set up a dedicated Venture Capital (VC) fund for start-ups in the State. The State also said it has opened up the government market for startup consortiums and is hiking the special fund for startup development.

During his interaction with the enterprise founders, organised by Kerala Startup Mission, Kerala Chief Minister Pinarayi Vijayan said that a proposal to set up the VC fund with the backing of public sector banks and Kerala State Industrial Development Corporation (KSIDC) is under active consideration, 

“It’s the policy of the government to offer necessary financial aid to startups to blossom. The government will consider increasing the special fund for the development of new enterprises. Besides, the state will take further measures to enable entrepreneurs to improve their skills,” Vijayan said.

The government will think about earmarking more funds to strengthen the marketing side of startups. They can create a strong impression at the national and international level through expos and industrial cooperation. From this year the government has decided to form an ‘International Launching Pad’ for startups, he added

The Chief Minister said startups have already been given complete exemption in their rent for four months and there will be a partial exemption in the rent amount for the next three months.

Under KSUM’s Fund of Fund scheme, 11 startups have been given aid through Kerala Specific Angel Fund, which is the first-of-its-kind in the country,” Vijayan added.

KSUM is the nodal agency for entrepreneurship development and incubation activities in the state.

The Kerala Government is planning to set up a dedicated Venture Capital (VC) fund for start-ups in the State. The State also said it has opened up the government market for startup consortiums and is hiking the special fund for startup development.

During his interaction with the enterprise founders, organised by Kerala Startup Mission, Kerala Chief Minister Pinarayi Vijayan said that a proposal to set up the VC fund with the backing of public sector banks and Kerala State Industrial Development Corporation (KSIDC) is under active consideration, 

“It’s the policy of the government to offer necessary financial aid to startups to blossom. The government will consider increasing the special fund for the development of new enterprises. Besides, the state will take further measures to enable entrepreneurs to improve their skills,” Vijayan said.

The government will think about earmarking more funds to strengthen the marketing side of startups. They can create a strong impression at the national and international level through expos and industrial cooperation. From this year the government has decided to form an ‘International Launching Pad’ for startups, he added

The Chief Minister said startups have already been given complete exemption in their rent for four months and there will be a partial exemption in the rent amount for the next three months.

Under KSUM’s Fund of Fund scheme, 11 startups have been given aid through Kerala Specific Angel Fund, which is the first-of-its-kind in the country,” Vijayan added.

KSUM is the nodal agency for entrepreneurship development and incubation activities in the state.