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The Karnataka government has awarded Rs 25 crore in grants to 101 startups under its ELEVATE 2024 program to boost entrepreneurship and innovation.
The state's Department of Electronics, IT and Biotechnology held a ceremony on Wednesday in Bengaluru to recognise the winners. Among them, 42 startups are led by women and 36 are from outside Bengaluru.
The selected startups will receive mentorship and incubation support through K-Tech Hubs and Centres of Excellence.
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“The Elevate 2024 initiative marks a significant milestone in our continued effort to position Karnataka as a global leader in innovation and entrepreneurship. The state government’s goal is to be in the top three global startup ecosystems and Elevate is an initiative in that direction,” said IT-BT minister Priyank Kharge.
“With 45 unicorns and a valuation of $161 billion, Bengaluru is at the forefront of the global startup revolution. The participation of women entrepreneurs and startups from beyond Bengaluru highlight our commitment to inclusive growth and decentralised innovation,” Kharge said during a ceremony held on Wednesday to felicitate the selected startups.
“The government will continue to expand ecosystem support, enhance funding avenues and promote inclusive growth to position Karnataka as India’s premier startup hub,” the IT-BT department said in a news release.
Seventeen rural startups were chosen for their impact-driven solutions, with grants ranging from Rs 21 lakh to Rs 50 lakh.
Since its launch, the program has provided Rs 249 crore in funding to 1,084 startups, with 25% led by women and 30% from beyond Bengaluru.
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