Kerala foresees Rs. 1,000 cr investment for startups in 4 years: IT Secretary
By Pinkerala News Desk | Mar 12, 2019
Kerala is poised for a far stronger ecosystem, as four investment funds have opened the possibilities of more than Rs 1,000 crore for new business ventures in the next four years. Unicorn India Ventures, Exseed Electron Fund, Indian Angel Network and Speciale Incept Fund are the financial entities the government has selected in response to a tender floated recently, according to Mr. M. Sivasankar, Secretary, Kerala Electronics and IT Department. Since the pact mandates investing 25 percent of the volunteered amount in the next four years, the state is guaranteed with a minimum investment of Rs. 300 crore by 2022 fiscal, he revealed on the sidelines of ‘Seeding Kerala’. The fourth edition of the event organized by Kerala Startup Mission (KSUM) in association with investment platform LetsVenture, brought together the state’s high net worth individuals (HNIs) in a bid to provide them opportunities to invest in potentially rewarding startups. Mr. Sivasankar, addressing a media conference, pointed out that the Kerala government has adopted the Fund of Funds model to invigorate angel and VC funds. He added that among the four, Exseed will invest solely in startups based in the fields of space and IT. The state will also encourage funds for startups working in the sectors of disaster management and cancer treatment. KSUM CEO Dr. Saji Gopinath said the selection of the four funds would help the state tide over its problem of insufficient funds. Startups anyway required decentralized operations, he added. The first two editions (both in 2017) of ‘Seeding Kerala’ strove to introduce angel investors from outside of Kerala to the state. Into the third, the focus turned to HNIs within Kerala and linking them with startups that merited investment. The conference provided delegates with a masterclass on angel investing while giving them a clearer idea on investment and portfolio diversification. The day-long sessions also discussed the legal aspects of investing and took up case studies of remarkable business in the state.
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