- Kerala has emerged as one of the top start-up destinations in India.
- Impressive compound annual growth of 17 % since 2012.
- Kerala-based startups has raised USD 89 million till date.
Kerala has emerged as one of the top start-up destinations in India, according to a report compiled by digital media platform Inc 42 in association with TiE Kerala.
The state has made compound annual growth of 17 percent since 2012, taking the total number of ventures based out of the state to 2,200 and displaying high competence in netting funds, said the report.
Subramanian Swamy, MP, released the report titled Kerala Startup Ecosystem 2019′ in the presence of CEO of Kerala Startup Mission (KSUM) Saji Gopinath, organizers of TiECoN said in a press release here.
Kerala-based startups has raised USD 89 million till date, and compared to 2018, till September this year startups clocked an 18 percent uptick in securing funds. In 2019, startups has raised USD 44 million of funding spread across 13 deals.
KSUM has designed and executed a set of programmes and schemes as per the revised Kerala Startup Policy (Technology Innovation and Entrepreneurship Policy) to identify and support technology startups in the state. In the last six months alone, KSUM incubated and funded over 200 startups, said Secretary, Electronics and IT, Government of Kerala, M Sivasankar.
In 2019, the Indian startup ecosystem recorded 553 funding deals, which together crossed the $9 billion funding mark. Interestingly, it is Kerala which has emerged as one of the top startup destinations of the country,”said the report.
The Kerala government has earmarked investments of over Rs 1,000 crore in the state startups over the next four years,” it added.