Ker­ala to spon­sor tech start-ups through AIFs

Business Standard - - COMPANIES - T E NARASIMHAN

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.

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