Ker­ala Startup Mis­sion in­vites re­quests for fund-of-fund scheme

The Hindu Business Line - - MARKET WATCH -

In a bid to ac­cel­er­ate the vi­brant startup ecosys­tem, Ker­ala Startup Mis­sion (KSUM) has in­vited re­quest for pro­posal (RFP) from SEBI-ac­cred­ited al­ter­na­tive in­vest­ment funds (AIFs) un­der its ‘Fundof-Fund’ scheme.

Se­lected AIFs will re­ceive funds from the State Gov­ern­ment to in­vest in the star­tups from Ker­ala and thus meet the fund re­quire­ments of fledg­ling tech­nol­ogy en­ter­prises.

KSUM, the nodal agency of the Ker­ala Gov­ern­ment for in­no­va­tion and en­trepreneur­ship, has in­vited the RFP on­line and the de­tails are avail­able at https://star­tup­mis­sion.ker­ala.gov.in/pro­grams/fof/. In­ter­ested AIFs who meet the pre-qual­i­fi­ca­tion cri­te­ria can sub­mit their ex­pres­sion of in­ter­est on or be­fore No­vem­ber 30. Af­ter com­plet­ing the bid process, the fi­nal se­lec­tions will be an­nounced on De­cem­ber 29.

Based on the Ker­ala Tech­nol­ogy Startup Pol­icy 2014, the State Gov­ern­ment had launched the Ker­ala Startup Cor­pus Fund, a first-of-its-kind ini­tia­tive in In­dia. A to­tal cor­pus fund of ₹25 crore was then cre­ated with the sup­port of two SEBI-reg­is­tered AIFs — Uni­corn Ven­tures In­dia, and SEA Fund. Out of this ₹25 crore, an amount of ₹12.5 crore was pooled in by the State Gov­ern­ment, and the other half by the two AIFs.

The ob­jec­tive of the present RFP is to make ad­di­tional in­vest­ment into el­i­gi­ble AIFs for sup­port­ing ex­clu­sively the emerg­ing star­tups in the State through ven­ture in­vest­ments, said Saji Gopinath, CEO, KSUM.

More than 200 star­tups are presently work­ing from KSUM’s five in­cu­ba­tion fa­cil­i­ties at Thiru­vanan­tha­pu­ram, Kochi, Kozhikode and Kasar­god.

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