Kerala Govt. to create Rs 500 Crore startup  fund-of-funds

Kerala Govt. to create Rs 500 Crore startup fund-of-funds

Posted by P. Charitha on September 14th 2017

The Kerala government is planning to create a fund-of-funds with a corpus of Rs 500 crore ($78 million) to invite investors to back start-ups in the state, as per a report in The Economic Times. 
According Saji Gopinath, the new chief executive of the Kerala Startup Mission (KSUM) who joined KSUM in April 2017, the target is to create a corpus of Rs 500 crore for Kerala-based start-ups over the next three years. “Kerala doesn’t have large angel funds or established angel networks, so we are attracting early stage funds to invest in start-ups in the state,“ he said . 
 
“While the government doesn’t have the expertise to invest in start-ups, it is a good idea to invest through (Alternative Investment Fund, or AIF) category early-stage funds.“ he added.
Under this plan, KSUM has invested Rs 10 crore in Unicorn India Ventures’ Rs 100-crore fund, and signed a pact with Bengaluru-based SEA Fund to invest in Kerala based start-ups.
 

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