Thiruvananthapuram: Sajan Pillai, former CEO of Kerala-based IT major UST Global, has announced plans to set up a $75 million venture capital fund to help startups. Also Read - Kerala Tourism Industry Hit Due to Re-surge in Coronavirus Cases, Businesses Complain of Losses

Pillai, who retired from the company early this year, said he will utilise his time now to help startups, with special focus on Kerala. Also Read - Kerala CM Pinarayi Vijayan Tests Positive for COVID-19, Condition Stable

“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,” he said. Also Read - No Dream is Too Big: Rahul Gandhi Gives Airplane Tour to Kerala Boy Who Wants to Become a Pilot | Watch Video

“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,” said Pillai.