KSIDC to Hold Special Session for Startups Ahead of Invest Kerala Global Summit

THIRUVANANTHAPURAM:
Ramping up support to the state’s robust startup ecosystem, the Invest Kerala Global Summit scheduled in Kochi in February 2025 will have an exclusive window for startups to help them acquire investment to scale up.

Ahead of the February 21-22 investment summit, a conclave of potential startups in scale-up stage will be held on December 18 at Grand Hyatt, Thiruvananthapuram, Kerala State Industrial Development Corporation (KSIDC) Executive Director Harikrishnan R said while addressing Huddle Global 2024, organised by Kerala Startup Mission (KSUM) at Kovalam here.

Minister for Industries, Coir and Law P Rajeeve will be present at the session, meant to give an orientation to entrepreneurs seeking to showcase their products before an array of investors drawn from across the world.

As the investment promotion agency of the state government, KSIDC has contributed substantially to the growth of startups in the state by way of loans, equity and scaleup supports, Harikrishnan said.

As per the present schemes, KSIDC can provide up to Rs 1 crore as loan/preference share option to startups for scaling up, bearing an interest of 7 per cent with a repayment period of four years and a moratorium period of six months. There is an option to convert loan into equity.

KSIDC’s equity support for startups will be by way of redeemable cumulative preference share capital, ranging from Rs one crore upto Rs 5 crore. Redemption option will be available within a period of five years of investment.

Huddle Global 2024, India’s flagship startup conclave showcasing Kerala’s fast-growing technology and startup, is being attended by entrepreneurs, innovators, investors, mentors and policy-makers.

The three-day event, which began on Thursday, is packed with absorbing presentations and conversations, besides launch of a wide range of tech-driven products from startups.