Startup investments of 18.4 crore announced at KSUM's Seeding Kerala

By Team Startupcity  |  Tuesday, 07 March 2023, 09:17 IST

Startup investments of 18.4 crore announced at KSUM's Seeding Kerala
Kerala's efforts to strengthen its startup ecosystem saw a significant boost when emerging businesses in the State were assured of investments totaling 18.4 crore, opening a new chapter in the government's initiatives to establish a vibrant early-stage ecosystem.
Kozhikode-based Sparks Angel Network declared bringing in an investment of 8 crore in the State's businesses during the "Seeding Kerala" colloquium conducted by the Kerala Startup Mission (KSUM), while Kerala Angel Network estimated its figure at 5 crore. Phoenix Angels announced that it was financing 3.5 crore and that a pool of 1.45 crore managed by startup entrepreneurs would contribute the remaining amount. GSF Accelerator disclosed that it would invest 40 lakh in Kochi-based real estate firm Humblx, which was formed in 2018.
The fresh inflow comes when the State’s 2022 collective valuation of startups that raised funding stands close to 2,000 crore. A chunk of the investments (41.7per cent) went to the Saas (software as a service) sector, followed by hardware (20.8 per cent), healthcare, fintech and artificial intelligence (8.3 per cent each), and D2C (4.2 per cent). Data show that investment in the State’s startups plateaued during 2021-22.
The government has recently been working with a focus on colleges as well as companies to usher in a new spirit in the state's culture of investing in startups, according to Rathan U. Kelkar, Secretary, Electronics & Technology Govt. of Kerala. The State is dynamic in its relevant policies, eager to hear feedback, and looking forward to assisting new-age industries in the startup ecosystem, he said during a virtual appearance at the event's opening session, which discussed investments and brought together stakeholders with government officials and investors.
KSUM CEO Anoop Ambika, Kerala is due for a "electronics revolution" in which entrepreneurs will focus more of their efforts on IT-enabled goods and services rather than the traditional brick-and-mortar sector. "Investment, infrastructure, and intellect are necessary for the expansion of industry. The startup environment in our state needs a respectable inflow of funds, even though the last two components are present in sufficient amounts. Our startup environment may grow if prospective investments are unlocked, he said.

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