Kerala plans Rs 500-crore fund-of-funds for state-based startups

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Kerala could teach the rest of the country a thing or two on tourism, literacy and conservation, but when it comes to startup investing, the southern coastal state has been much at sea.

The way out, the Kerala government has figured, is to create a fund-of-funds and invite investors to back young companies based in the state. The target: Create a corpus of Rs 500 crore for Kerala-based startups over the next three years, according to Saji Gopinath, chief executive of the Kerala Startup Mission, or KSUM.