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.

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," he 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," said Pillai.