Kerala State Industrial Development Corporation (KSIDC) has created a Rs 10 crore angel fund to support startups this financial year. It will be rolled out in a few weeks, officials said.
KSIDC will partner with Kerala Financial Corporation(KFC) to welcome and help launch private venture-funds, run by professional entrepreneurs and investors, to support Kerala-based start ups. The funding will not be limited to IT-based startups. (Via)
This move from the Kerala state government comes after it has thrown its weight behind the start-up village in Kerala and beefing up internet and related infrastructure. In September 2013, Kerala Chief Minister Oommen Chandy said that the government will earmark about Rs 500 cr as budgetary assistance to entrepreneurs for their ventures.
Earlier, Kerala government had announced a student entrepreneurship policy under which 20% grace attendance and 4% grace marks would be given to students who start a venture.
Other Government Funds
Karnataka government, in July 2013, had announced a budget of Rs 15 cr for the last fiscal year. The Karnataka Information Technology Venture Capital Fund (Kitven), which is the venture fund of the government of Karnataka, has had positive returns from its investments in the past years.
Many state governments have announced their own versions of IT venture funds. If they offer infrastructure and a channel of mentorship to startups, it will kick on a great start-up culture in places no-one expects.