Karnataka Government Boosts Startup Ecosystem with ₹60 Crore Funding for 263 Ventures

263 startups funded with a total of Rs 60 crore by Karnataka govt

In the middle, Priyank Kharge, minister for the department of electronics, IT, Bt, and rural development and Panchayati Raj, Karnataka government, along with tech industry stakeholders Bengaluru stands at the forefront of India's start-up revolution and is home to 45 of the country's 112 unicorns, according to a report unveiled by the Department of Electronics, IT, BT, and S&T, Government of Karnataka. The Bengaluru Innovation Report 2024 said that as a dynamic innovation hub, the city fosters groundbreaking advancements in fields like artificial intelligence, biotech, and fintech.

Karnataka govt. offered ₹60 crore funding to 263 start-ups

As many as 263 start-ups were offered funding of over ₹60 crore by the Department of Information Technology and Biotechnology of Karnataka in 2022 and 2023, according to a report released here on Wednesday (July 24). The study titled "Bengaluru Innovation Report 2024", released by the Department of Electronics, IT, BT, and S&T, said that 24% of these ventures were women-led and 35% were beyond Bengaluru. According to the report, among the 263 winners, women entrepreneurs lead 47 start-ups, and 119 start-ups are from tier II and III cities in the State, highlighting the State's commitment to inclusivity and diversity. These start-up winners are in innovative technologies across various emerging sectors, including clean-tech and smart city solutions, cutting-edge IT/ITES, healthcare and med-tech, biotechnology, and disruptive agricultural technologies. Speaking at a felicitation ceremony for the winners of ELEVATE, a flagship grant-in-aid programme of the Department, Priyank Kharge, Minister for Electronics, IT, BT, and Rural Development and Panchayati Raj, said Bengaluru stands at the forefront of India's start-up revolution, home to 45 of the country's 112 unicorns. As a dynamic innovation hub, the city fosters groundbreaking advancements in fields like AI, biotech, and fintech, he said. Supported by premier IT companies, research institutes, and capital allocators, Bengaluru's start-up ecosystem thrives on collaboration and competition, driving economic growth and technological development, he added. A one-time grant of up to ₹50 lakh is given to encourage innovators who may need early-stage funding to develop a prototype, market development, and scale-up. The initiative aims to provide a comprehensive entrepreneurship platform for startups along with providing access to mentors, networking opportunities, funds, idea validation, and incubation facilities, among others. Read Comments