Elevate 2018: Government of Karnataka to fund 77 Start-ups

Selected start-ups to receive funding of up to Rs 5 million each

Arjun G
Arjun G
Sep 12, 2018 · 4 min read

The Government of Karnataka will fund 77 start-ups, selected at Elevate 2018, where over 250 startups presented their final pitches to a panel of experts for funding of up to Rs 50 lakh each.

The programme is run under the Startup Karnataka initiative of the Ministry of IT-BT and S&T. In its second year, the programme received over 600 applications from across the state, from a variety of tech startups. Last year the programme had received about 1700 applications.

Selected Start-ups at Elevate 2018

500 startups were selected in a multi-city pitching, and a final shortlist of over 250 were invited to present their final pitches. The government has earmarked a sum of Rs. 24 Crores towards the funding of these startups, of which a special Rs. 2 Crores has been set aside for startups from the HK region.

Out of the 250 startups that qualified for the finals, 246 startups actually pitched while 4 startups were absent. “Of the 77 selected startups, 3 were not recommended for funding by jury. However, their scores were significantly higher, therefore, these 3 were included,” said Gaurav Gupta, Principal Secretary, and Department of IT-BT.

District and Sector wise distribution of 77 selected start-ups

Majority of the startups that applied were product based as opposed to service-based. 285 product based startups presented their ideas in the initial rounds, and 135 qualified for the final presentation. 25% of all qualified startups are women-led, and of these, over 95% are organisations where women are Co-founders or CXOs.

The state is a leader when it comes to human development in the country. Technology will help us reach greater heights. It is my firm belief that with technology, we can find solutions to real-world problems that plague us today — who knows, maybe we will be able to help find the solution to the traffic problem of Bengaluru or find innovative ways to deal with garbage in the state,” said Minister for IT-BT and S&T, KJ George.

A lot of entrepreneurs have ideas that are great — but what can help them really shine is the right guidance from the right people. That is also what we will be providing at the incubator at Elevate 2018,” said Gaurav Gupta, Principal Secretary, and Department of IT-BT. “The right funding at the right time is important for startups, and so is the right mentorship. Through Elevate, the Government of Karnataka will ensure that innovators in the state are not lacking in either.

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