Kerala looking into the possibility of setting up a dedicated VC fund

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January 20, 2021 2:30 AM

This will be done beside opening up the government market for startup consortiums and hiking the special fund for startup development, the state said.

Elaborating on various schemes and events of Kerala Startup Mission (KSUM), he said women entrepreneurs will get up to Rs 15 lakh as loan.Elaborating on various schemes and events of Kerala Startup Mission (KSUM), he said women entrepreneurs will get up to Rs 15 lakh as loan.

Kerala Chief Minister Pinarayi Vijayan on Tuesday said that a proposal is under active consideration to set up a dedicated venture capital (VC) fund for startups with the backing of Kerala Bank and Kerala State Industrial Development Corporation (KSIDC).

This will be done beside opening up the government market for startup consortiums and hiking the special fund for startup development, the state said.

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

“The government will think about earmarking more funds to strengthen the marketing side of startups. They can create a strong impression on a 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.

Elaborating on various schemes and events of Kerala Startup Mission (KSUM), he said women entrepreneurs will get up to Rs 15 lakh as loan. Women-led startups have been given a moratorium of two years for aid from KSUM. For facilitating the investment of NRIs in startups, there are programmes like annual Seeding Kerala event and monthly Investor Cafe.

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.

The budget also has proposed to bring in startup innovation zones in government departments, which will help evolve problem-solving innovations for the benefit of the public.

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