Inaugurating the KFC Startup Conclave 2024, Finance Minister KN Balagopal on Thursday said the Kerala Financial Corporation (KFC) will increase the collateral-free loan limit for start-ups to Rs 15 crore from the current Rs 10 crore. The minister added that there will be a new limit of Rs 3 crore for collateral-free loans for scaling up start-ups as compared to Rs 2 crore earlier.

KFC officials said that the KFC Startup Conclave 2024 was held to foster innovation and collaboration in Kerala's startup ecosystem. KFC supports start-ups through the 'KFC Start-up Kerala' scheme. To date, it has provided Rs. 78.52 crore in loans to 61 technology-based start-ups. This year, it plans to support 100 more start-ups.

Sanjay Kaul, Chairperson and Managing Director of KFC, said that KFC has recorded growth and financial stability in the last three financial years. The net profit increased by 957.14% (from Rs. 6.58 crore to Rs. 74.04 crore) and the loan portfolio expanded from Rs.4, 621.12 crore to Rs.7, 368.32 crore.

The awards for the start-ups were distributed on the occasion. Navalt Solar and Electric Boats Private Limited received the Green Energy Startup of the Year Award and Genrobotic Innovations Private Limited received the Social Impact of the Year Award. The Edutech Startup of the Year and Emerging Startup of the Year awards were won by Visicom Nurture Private Limited and Katha Infocom Private Limited respectively.

District panchayat president C. C. Sreekumar presided. Chief General Manager of SBI G. S. N. Raghuchandran Nair and President of Thiruvananthapuram Chamber of Commerce and Industry Dr. TIE Kerala Executive Director Arun Nair was also present.