New Delhi, Nov 17 (KNN) A funding of $38 million in 2017-18 has been received by the Kerala start-ups, according to the Kerala Start-up Ecosystem Report 2018.

The number of start-ups operating in Kerala, at the end of the third quarter of 2018 was more than 1,400.

The total funding observed in 2018 (till September) stood at $38 million (disclosed).

The report also stated that the number of funded start-ups in 2017-18 was 59.

The report attributed the increase mainly to the change in institutional funding which had encouraged and supported the start-ups to progress.

As of 2017, there were 757 tech start-ups in Kerala, with 51 per cent working on software development.

Kerala Chief Minister Pinarayi Vijayan claims that the state is the first to have formulated a policy for technology start-ups back in 2014; today it has over 1,500 start-ups developing innovative products and services

The report stated that the institutional funding, which stood at $9.5 million in 2014, was increased to $19.6 million in 2015.

Since 2016, there has been a steady increase in the fund flow that came to $15.72 million from the first six months.