Karnataka government will provide seed funding of up to Rs 50 lakh for 200 startups in the state to promote technological innovation, said, C N Ashwath Narayan, minister for IT/BT and Skill Development, on Sunday.
The 200 include the 75 startups to which seed funding was announced by Chief Minister Basavaraj Bommai on account of the 75 years of India’s Independence, he said at an event to mark the first National Start Up Day. “Till date, as many as 500 startups were sanctioned seed funds by the state,” he said.
Also read: Karnataka’s role to be bigger in driving our nation to $5-trillion economy, says CM Bommai
In the current fiscal, Karnataka has attracted Rs 1.6 lakh crore in Foreign Direct Investment (FDI). This was more than half the investments attracted by other states of the country, he said.
The state, Ashwath Narayan said was home to over 13,000 of 57,000 startups in the country. To maintain Karnataka’s lead in the sector, state government will focus on digital education and skill development, he said.
Under Electronics, System Design and Manufacturing policy, Rs 5,000 crore will be given as subsidy out of which Rs 2,000 crore is already sanctioned in the first year, the minister added.
Startups awarded
Under Union government’s ‘Startup India Innovation Week’ from Jan 10 – Jan 16, a total of 14 from the state bagged prizes under various sectors. They are Naffa innovations Pvt Ltd, and Umbo Idtech Pvt Ltd (in Fintech), Thinkerbell Labs (Edutech), Simplotel Technologies (Travel & Hospitality), Blinkin Technologies (Augmented Reality), Tagbox Solutions (IOT- healthcare), Shapos Services Pvt Ltd, Athreya Global Solutions and Zentron Labs Pvt Ltd (Agritech post-harvest), Marketxpander Services (Customer Relationship Management), Leucine Rich Bio Pvt Ltd (Life Sciences), Stellapps Technologies (Animal Husbandry), 1 Bridge (Freight & Logistics), and Steradian Semiconductors (Traffic Management).
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