Four investment funds to provide Rs 1,000 cr to Kerala startups
Kerala, on its parts, provides an annual investment of Rs 15 crore.
The Kerala government has selected four investment funds through tendering process which will provide funds to the tune of Rs 1,000 crore to startups in the state, said a top government official on Tuesday. M. Sivasankar, Secretary, Kerala Electronics and IT Department, said Unicorn India Ventures, Exseed Electron Fund, Indian Angel Network and Special Incept Fund are the financial entities the government has selected.
"Since the pact mandates investing 25 per cent of the volunteered amount in the next four years, the state is assured of a minimum investment of Rs 300 crore," said the official, who also holds the post of Officer on Special Duty to Chief Minister Pinarayi Vijayan.
He also pointed out that the Kerala government has adopted the Fund of Funds model to invigorate angel and venture capital funds, thus facilitating holding of a portfolio than of other investment funds rather than investing directly in stocks, bonds and other securities.
The state, on its parts, provides an annual investment of Rs 15 crore.
Watch This Zee Business Video
Among the four, Exseed will invest solely in startups based in the fields of space and IT and the state will also encourage funds for startups working in the sectors of cancer treatment and disaster management.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.