Kerala has a rich history of entrepreneurship and creativity. The Kerala State Industrial Development Corporation (KSIDC) is lately taking some crucial steps to ensure the legacy continues. It is providing required support and funding to the startup ecosystem in the state.
Industries Minister P Rajeev highlighted the crucial role played by KSIDC in fostering businesses in Kerala. KSIDC has so far sanctioned more than Rs. 40 crore in startup loans to 165 startups across Kerala since its inception. The move demonstrates solid commitment of it to nurturing entrepreneurial talent. 121 startups have successfully received a substantial Rs. 24.48 crore in funding. It is learned that 27 of them are repaying the loans. This showcase viability and success of the ventures.
The efforts of KSIDC is simultaneously rolling out seed fund assistance and also scaling up its support initiatives. All these initiatives are to ensure that the startups have the required resources for their growth. The organization is offering up to Rs. 25 lakhs to young entrepreneurs under the seed fund assistance program. The scheme provides the required financial cushion for budding entrepreneurs.
KSIDC is prioritizing its ‘Scale-up Support’ scheme to provide substantial funding of up to Rs. 1 crore to startups in the financial year 2024–25. It wants to ensure that the promising startups can be transitioned from small-scale operations to significant players.
It has collaborated with the Kerala Startup Mission (KSUM) and this highlights its commitment to strengthening the startup ecosystem. A recent conclave organized by KSIDC and KSUM gathered valuable insights and recommendations from industry experts and stakeholders.
Impact of the efforts is evident. Department for Promotion of Industry and Internal Trade (DPIIT) reveals Kerala is home to 5522 startups and has attracted a total investment of Rs. 5500 crore. The young companies are generating more than 55000 jobs in the state.
