Sajan Pillai, former CEO of Kerala-based IT major UST Global, has announced plans to set up a $75 million (approx ₹516 crore) venture capital fund to help startups.
Pillai, who retired from the company early this year, said he will utilise his time now to help startups, with special focus on Kerala.
“Startups here are faced with issues of connecting with the market, mentorship and shortage of funds. All such lacunae will be overcome by our venture capital enterprise. To start with, we are going to invest up to $75 million to help the startups here,” Pillai said.
“Concept is a foundry in the present times. We are looking at interesting concepts in areas like healthcare, finance, telecom and retail. An advisory board has been set up to help startups in these sectors. We have already spoken to the largest banks in the world,” He further added.
There are other VC firms that provide funding to startups includes Accel Partners, Helion Venture Partners, Sequoia Capital India, Nexus Venture Partners, Venture East, Blume Ventures and many more.