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Karnataka: 200 startups will receive seed funding of up to Rs. 50 lakh each

Karnataka’s Higher Education and Minister for IT/BT and Skill Development announced on Sunday that 200 startups will get an initial investment of up to Rs 50 lakh each this year to foster technological innovation in the state.

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Karnataka has 14 of the 56 startups that have been rewarded, putting the state in first place in India. There are around 13,000 startups in Karnataka, out of a total of 57,000 across India. The Centre observed the “Startup India Innovation Week” from 10-16 Jan and announced national awards for startups for their innovative product development. A total of 5,000 crores would be allocated as a subsidy under the Electronics System Design and Manufacturing (ESDM) strategy, with 2,000 crores already allocated in the first year. That startups will be critical in India’s transformation into a “Vishwaguru and superpower.” 

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