Kitven corpus raised

The state has decided to raise the corpus of the Karnataka IT Venture Capital Fund (Kitven) from the existing Rs 15 crore to Rs 25 crore.

The decision was taken by the State Executive Committee which met here on Friday. Governor T N Chaturvedi, who chaired the committee meeting, told reporters later that the entire Rs 15 crore had been taken up by various entrepreneurs.

"We expect the returns from these investments to be in the range of Rs 33 crore in the coming years," he added. Launched in 1999, Kitven's initial fund of Rs 15 crore has been disbursed among the various IT companies incubated in the state.

"The allocation will be made to start-ups as and when they seek Kitven's participation in their investments," he said.