Karnataka govt. offered ₹60 crore funding to 263 start-ups
The Hindu
Karnataka's Department of IT and Biotechnology funds 263 start-ups with ₹60 crore, promoting diversity and innovation in Bengaluru.
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.
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