The Kerala State Industrial Development Corporation (KSIDC) is mulling over a proposal to connect with global and domestic venture capital and private equity firms to help nearly 50 Kerala-based start-ups that received seed funding expand their existing business.
The idea is to identify prospective venture capital and private equity investors and connect them with the innovative start-up ventures supported by the corporation.
Nearly 50 companies spread across 17 sectors had received financial assistance to the tune of ₹10.67 crore from KSIDC since 2015.
Simple ecosystem
The proposal to partner with venture capital and private equity firms forms part of the plan to help start-up ventures scale up their operations and seek the next round of funding. “In a nutshell, the intention is to create an ecosystem that is simple and easier for the firms to connect with the entrepreneurs based in our State,” said KSIDC General Manager Anand Sarma.
Funding
The break-up of the number of companies sector-wise and the funding it received from the KSIDC is as following: agriculture (1; ₹20 lakh); artificial intelligence (2; ₹50 lakh); e-commerce (6; ₹1.14 crore); education (4; ₹90 lakh); electronics (4; ₹81.5 lakh); engineering (2; ₹17 lakh); fintech (3; ₹75 lakh); food processing (1; ₹25 lakh); healthcare (4; ₹1 crore); robotics and industrial automation (2; ₹50 lakh); IT and ITES (13; ₹2.7 crore); life sciences (2; ₹50 lakh); logistics (1; ₹25 lakh); media and entertainment (2; ₹30 lakh); solar engineering (1; ₹25 lakh); sports (1; ₹25 lakh); and environmental (1; ₹15 lakh).
Achievements
Significant strides were made by a number of companies supported by the corporation such as Sastra Robotics (selected for the Global Tie 50 2017 Startup awards); Datafactors Software India Private Limited (selected for the accelerator programme ‘The S factory’ conducted by the Government of Chile); Datafactors Software India Private Limited (selected for ‘JIC-Starcube International’, an accelerator programme for technological and innovative startups in Czech Republic); Agrima Infotech Private Limited (selected for the Google Launchpad Accelerator programme); Extravelmoney Technosol Private Limited (selected as the IT start-up of the year by KMA-NASSCOM IT awards 2017); ProdNXT Technologies Private Limited (special jury mention as the IT start-up of the year by KMA-NASSCOM IT awards 2017); Navalt Powerboats (developed Aditya, India’s first solar powered ferry); and Jackfruit 365 (developed and popularised jackfruit flour as a low GI alternate food).
Mr. Sarma said 15 more innovative feasible and marketable start-ups had submitted proposals for seed funding by the KSIDC. It will be placed before an investment committee for final approval.
