KSIDC strengthens Kerala's startup ecosystem through financial aid and strategic initiatives

KSIDC is currently prioritising its 'Scale-up Support' scheme, aiming to provide substantial funding of up to Rs. 1 crore to startups in the financial year 2024–25.
Kerala State Industrial Development Corporation
Kerala State Industrial Development Corporation(Photo | Facebook)

THIRUVANANTHAPURAM: The Kerala State Industrial Development Corporation (KSIDC) is playing a crucial role in nurturing the state's booming startup ecosystem by providing financial assistance and support to new and emerging businesses, said Industries Minister P Rajeev. While replying to the questions at the assembly on Tuesday, Industries Minister P Rajeev said that KSIDC is actively promoting startups through various initiatives and schemes.

Since its inception, KSIDC has sanctioned Rs. 40.06 crore in startup loans to 165 startups across Kerala, with 121 startups already receiving Rs. 24.48 crore in funding. He said that 27 of these startups have successfully repaid their loans in full.

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KSIDC is rolling out seed fund assistance and scaling up support for startup growth. As part of seed fund assistance, KSIDC offers financial support of up to Rs 25 lakhs to young entrepreneurs, including students, to kickstart their innovative and commercially viable ventures. The scheme provides loans at an interest rate of 6.75 percent per annum for four years. 

KSIDC is currently prioritising its 'Scale-up Support' scheme, aiming to provide substantial funding of up to Rs. 1 crore to startups in the financial year 2024–25. In collaboration with the Kerala Startup Mission (KSUM), KSIDC recently organised a conclave to gather insights and recommendations for further strengthening the state's startup ecosystem.

As per data from the Department for Promotion of Industry and Internal Trade (DPIIT), Kerala currently boasts 5522 startups, attracting a total investment of Rs. 5500 crore and generating over 55000 jobs.

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