The Kerala Financial Corporation (KFC) is launching a venture capital fund to support startups, Finance Minister K.M. Mani said on Thursday. This was according to a report published by The Hindu.

Mani spoke in a meeting for the launch of KFC's diamond jubilee celebrations. He said the corporation had already started funding tech projects at the Start-Up Village, Technopark Incubation Centre, and professional and institution-based incubation centers. The funding activities were done under the Kerala State Entrepreneurship Development Mission, the report said.

In addition, KFC was also supporting innovative projects established under the guidance of the Spices Board, Coir Board, Rubber Board, and Coconut Development Board, the report stated.

While inaugrating the jubilee events earlier, Governor Nikhil Kumar said KFC had a significant role in promoting the industrialization of the state, The Hindu reported.

Kerala Financial Corporation is a state-owned financial institution that plays a major role in the development of Kerala. The firm was established in January 1953. At present, KFC has 16 branch offices and is headquartered at Thiruvananthapuram, according to its company website.