Kerala to sponsor tech start-ups through AIFs
The Kerala government has invited a request for proposal (RPF) from alternative investment funds (AIFs) that are accredited by the Securities and Exchange Board of India (Sebi) to boost the start-up ecosystem in the state.
The state government will provide money to the selected AIFs under its Fund of Funds scheme to invest in start-ups, especially those using technological innovations.
The project is being managed by the Kerala Startup Mission, the nodal agency to promote innovation and entrepreneurship.
According to the RFP, the government will be a limited partner in these AIFs. The funds it provides will be limited to 25 per cent of the corpus of the AIF. The state had earlier launched the Kerala Startup Corpus Fund, a first of its kind initiative, based on the Kerala Technology Startup Policy 2014.
Using the Kerala Startup Corpus Fund, seven investments have been made into Kerala-based start-ups. One of the start-ups funded was Genrobotics, which developed Bandicoot, a robotic system to clean sewers. They took only four months for this.