Kasaragod, May 14 Startups in Kerala will receive investments totalling Rs 2 crore in the current financial year, as an entrepreneurship-promotion programme promised a maximum of Rs 20 lakh each to ten startups across the state.
Fort Venture, which is founded by angel investors and HNIs from Kasaragod to promote tech-enabled high-growth businesses, will focus during 2023-24 on startups that are into SaaS, e-mobility, agri tech and health tech.
The sector-agnostic fund will be monitored and advised by founders of successful startups, it was revealed at ‘Ignite Kasaragod’ which concluded on Thursday evening.
Market feed app founder-CEO Sharique Shamusudheen announced the fund in the presence ofStartup Funding & Investments Manager Surya Thankam at the day-long event at Bekal as partof a series by Kerala Startup Mission (KSUM) to attract investors to nascent enterprises.
Co-hosted by the industrial organisations of the district, besides Kasaragod Community (acollective of startups), Central University of Kerala and Central Plantation Crops Research Institute, Ignite Kasaragod primarily conducted awareness sessions aimed at encouraging highnet-worth individuals to invest in startups and boost the state’s industrial ecosystem.
The event in Bekal, 12 km south of the city, began with a panel discussion featuring investors Rajesh Sawney and Tej Kapoor (Director, IvyCap Ventures).
The two speakers discussed startup investment perspectives. Sawhney, while appreciating the Kerala government’s support to startups in small towns, said his Gurgaon-based GSF Accelerator plans to invest in more in the nascent companies of the southern state.
At the venue in Hotel Lalit, Shamusudheen, who is also a YouTuber, delivered a lecture on ‘Building Sustainable Businesses: Fund-Raising Aspects’. During an Investor Café that followed, he met startups to explore more investment opportunities for the benefit of promising companies in Kerala.
As more than 100 founders across the state and 50-plus HNIs from the district attended the program, KSUM Chief Executive Officer Anoop Ambika said the ‘Ignite’ series will convince investors to go for startups in a big way. “It is gratifying that new-age investors are reaching out to industries beyond the conventional,” he added.
At Ignite Kasaragod, ten major investors interacted with startups regarding investment. The May 11 event facilitated more than 60 interactions happened even as ten startups attended ‘Elevator Pitch’ that enabled them go for a minute-long pitch before potential investors. Subsequently, two startups — Happy minds and Wizad — were invited by GSF and Ivycap for the next level of discussion on Investment.
As the Investor Café opened doors to several startups to enter the next-round discussions, KSUM is expecting more funding announcements for the benefit of nascent firms.
Ignite Kasaragod also hosted master-classes by 50-plus HNIs, handled chiefly by angel investor P.K. Gopalakrishnan (or PKG, Co-founder of Malabar Angel Network) and early-stage investor Vinay James Kynadi.
Early-stage investors Abhinash P.A. and Latheef Latheef K.K., of Kerala’s fast-growing startupentri. app, explained their associations with the startups of the state in the past decade. Startup investment perspectives have brightened in the state of late, they added. KSUM Coordinator(Malabar region) Sayyid Sawad and Kasaracode Community Co-founder Mohammed Jaseemalso led the sessions.
Overall, Ignite Kerala saw investors guiding the potential entrepreneurs on ways to make maximum profits in minimum time amid high prospects of businesses registering losses and folding up prematurely.
KSUM is the nodal agency of the Kerala government for entrepreneurship development and incubation activities in the state.