Kerala Cabinet gives nod to Rs 250 cr VC fund for startups

Kochi, June 23 (KNN) For the growth of startups, the state government of Kerala has approved the setting up of Rs 250 crore venture capital (VC) fund.

Chaired by Chief Minister Pinarayai Vijayan the decision was taken on Wednesday during the state cabinet meeting.

For the initial expenditure related to the formation of the corpus fund an amount of Rs 1 crore has also been set aside.

The amount of Rs 250 crore will be mobilised via a jointly sponsored trust of Kerala State Financial Enterprises along with other financial arms of the state government.

The setting up of a VC fund was announced by the government in the state budget presented in March.

CM Vijayan had also set a target of creating 15,000 startups and 2 lakh jobs in emerging technologies in the state in the next five years.

There are more than 3,100 technology startups and 40 incubators in Kerala, according to government data.  (KNN Bureau)