THIRUVANANTHAPURAM: Despite concerns about funding in the IT ecosystem, a delegation of 16 entrepreneurs from the state recently returned from the United States with funding of over USD 7 million secured from US-based companies. Among the 16 companies, which are based in the state’s three IT parks, four have successfully signed agreements with US investors for global expansion plans.
Discussions are currently underway between seven other companies and US investors to secure investments, while the remaining five companies have secured project deals. The delegation, organised by GTech (Group of Technology Companies), Kerala Start-Up Mission, and the US-India Importer’s Council, aimed to showcase the products and services of the entrepreneurs to attract investment.
The delegation participated in the Select USA Investment Summit in Washington, DC, and also held business meetings in other cities across the US. This was the first delegation organised by GTech, which aimed to foster good business opportunities for homegrown IT companies. In addition to funding, US companies have also expressed interest in investing in Kerala.
“Despite several challenges, we have succeeded in bringing investments and funding to startups and mid-size IT companies. The key challenges we faced were visa processing issues and overcoming the difficulty of participating in the Select USA Investment Summit. It is very difficult to participate in the event.
However, we succeeded in participating, as they were convinced of our motives. All the business meetings were done successfully, and they have raised more than US $7 million. The exact figures are yet to be disclosed,” said Rajesh Babu, Executive Board member and Convenor of Member Focus Group, GTech. He led the delegation to the US.
Ambassador Taranjit Singh Sandhu invited the delegation to the Indian Embassy in the US, where they received support and interacted with Suja K Menon, Minister (Commerce and Education), along with other high-ranking Indian officials.