Sajan Pillai, a former CEO of UST Global, said he plans to launch a venture capital fund to invest in startups focusing on Kerala, according to a media report.
The fund will have a target corpus of $75 million (Rs 516 crore), Pillai told the daily news, IANS.
With this fund, investments will be made in finance, telecom, healthcare and retail sectors.
20 years back, Pillai had quit UST Global. UST global essentially operates its business in various nations such as the US, UK, Malaysia, Philippines, Singapore, Mexico, Australia, Poland and Israel.
In the past years, a cohort of corporate white-collar workers and family-led business houses have funded startups in India.
Amongst prominent business magnates, Ratan Tata is also one, who after getting down from Chairmans post of Tata Sons, had started proactively investing in startups since then. So far, Tatas RNT Associates has funded various startups such as Lenskart, Urban Ladder, Ola, Xiaomi and Paytm.
Other investors, who are shoring up startup ecosystem through their investment funds, are Azim Premji, Founder of Wipro, who runs Premji Invest and NR Narayana, Co-founder of Infosys, who Catamaran Ventures.