Kerala has a rich history of entrepreneurship and creativity, and the Kerala State Industrial Development Corporation (KSIDC) has recently taken important steps to continue that tradition by providing much-needed support and funding to the startup ecosystem in the state.
Industries Minister P. Rajeev emphasised the important role played by KSIDC in nurturing enterprises in Kerala. Since its inception, KSIDC has sanctioned start-up loans of over Rs 400 crore to 165 startups across the state. This move demonstrates the agency’s firm commitment to nurturing entrepreneurial talent. 121 startups have successfully raised a substantial amount of Rs 244.8 crore. Of these, 27 are found to be in the process of repaying their loans. This indicates the viability and success of the ventures.
KSIDC’s efforts include rolling out seed fund support as well as expanding support initiatives, all aimed at ensuring startups have the resources they need to grow. The organization is providing young entrepreneurs with up to Rs 2.5 million under its Seed Fund Support Programme, which provides budding entrepreneurs with a much-needed cushion of capital.
KSIDC has prioritised a ‘Scale-up Support’ scheme that will provide significant funding of up to Rs 1 crore to startups in 2024-25. The scheme wants to enable promising startups to transition from small scale operations to significant players.
The company has partnered with the Kerala State Startup Mission (KSUM), highlighting its efforts towards strengthening the startup ecosystem. A recent meet organised by KSIDC and KSUM gathered valuable insights and recommendations from industry experts and stakeholders.
The efforts are working: According to the Department for Promotion of Industry and Internal Trade (DPIIT), Kerala is home to 5,522 startups, attracting a total investment of Rs 5,500 crore. Startups have created more than 55,000 jobs in the state.
