Karnataka government raising ₹400 crore for startup funding
- The state government has set up a Startup Cell.
- The government will be funding up to ₹50 lakh on the proposed startup idea.
As part of the startup policy, Karnataka government will be raising ₹400 crore to fund startups in multiple sectors, confirmed the Minister of State for Information Technology and Tourism, Priyank Kharge while talking to The Deccan Herald.
Karnataka is the only state in India that made a profit via venture capital investment, and now the government is aiming at expanding this to private investors.
The state government has set up a Startup Cell and any startup having a proof of concept can register themselves with this cell. The government will be funding up to ₹50 lakh on the proposed startup idea.
As per the report, the government has already funded ₹2.5 crores to eight companies and 25 startups have approached the cell for funding.
Apart from this, the Karnataka government also plans to set up a Bio-Tech and AVGC Venture Fund for animation, gaming, visual effects, and comics.
The government is also planning to come up with Bio-Tech and AVGC Venture Fund (the animation, visual effects, gaming and comics), that will have ₹50 crore and ₹20 crore funds, respectively.