 "Karnataka govt's venture capital programme to bring investment of $17.5 bn")
Venture Capital Connect, a three-day programme connecting startups and investors, is being organised by the Department of Electronics, IT, and Biotechnology (Bt), Government of Karnataka, as part of the Bengaluru Tech Summit 2024 (BTS 2024) from November 19-21. The government said the programme is expected to attract over 50 leading global investors, including family offices, angel investors, and venture capital firms, with a combined potential investment fund of more than $17.5 billion. The government did not disclose specific details about these investors or the timeline for when the investments might materialise.
More than 322 startups across a diverse range of sectors have registered to participate in the programme, of which 118 have applied for patents. This includes 23 ideation-stage startups, 142 early-traction-stage startups, 75 concept-validation-stage startups, and 82 growth-stage startups. These startups will have the opportunity to showcase their innovations to top investors and receive valuable insights and mentorship on scaling their businesses. Investors attending will gain unique access to a robust pipeline of innovative, high-growth startups across various technology sectors.
The programme is strongly focused on catalysing growth specifically for Karnataka-based startups, with support from leading investment associations and registered venture capital networks in India. This initiative aligns with the state’s commitment to fostering innovation, providing Karnataka-based startups with access to substantial capital and mentorship.
Priyank Kharge, Minister for Information Technology, Biotechnology, and Rural Development and Panchayat Raj, Government of Karnataka, said, “Karnataka has always been at the forefront of innovation, and with BTS 2024, we are amplifying this momentum by creating a direct bridge between our startups and global investors. This programme is more than a funding opportunity; it is a strategic investment in the future of Karnataka’s entrepreneurs, who are shaping tomorrow’s technology landscape.”
The Venture Capital Connect programme is just one of many initiatives for the startup community at BTS 2024. The event will also feature a dedicated startup track with three days of engaging panels and keynotes, a Startup Pavilion for entrepreneurs to showcase their innovative products and solutions, a product launch arena, and networking programmes.