Bengaluru is one of the hottest hubs for startups in India. The city is simultaneously gaining popularity on the global platform. It is setting sights on becoming one of the top 10 startup ecosystems in the world by 2035. The goal is highly ambitious and was lately announced by Karnataka’s IT Minister Priyank Kharge. He signals a bright future for the burgeoning startup landscape of the city.
The minister was present at a recent ceremony in the city that celebrated the winners of the ELEVATE grant-in-aid program. He highlighted the impressive projected GDP growth rate of 8.5% until 2035 for Bengaluru. The growth positions the city as an increasingly attractive hub for startups. Currently the city is positioned at 21st place in the global rankings.
Kharge said that they are committed to keep supporting the growth of startups in the state. He added that the dedication of Karnataka government to create such an environment is conducive to innovation and expansion. As of now, several Bengaluru-based startups have been making waves internationally. Moreover, the introduction of a new policy to create country-specific corridors now aims to facilitate even greater global market access for the companies.
The ceremony also saw the unveiling of the Bengaluru Innovation Report 2024, which underscores the city’s many strengths as a startup haven. Home to 45 of India’s 112 unicorns, Bengaluru boasts a combined valuation of $161 billion. The city’s goal is not just to break into the top 10 but to ultimately rank among the top three startup ecosystems globally.
Kharge stated that the startup ecosystem will be expanded Mysore, Mangaluru, Hubli-Dharwad and other regions in the state. Bengaluru is currently nurturing 1,500 startups.
The recent grant awards of Rs 60 crore by the Karnataka IT Department were distributed among 263 startups across four ELEVATE Kalyana Karnataka, Amrita Startups, ELEVATE Unnati and ELEVATE initiatives for early-stage funding.
