Bengaluru, NFAPost: The Karnataka Cabinet has approved the Beyond Bengaluru Cluster Seed Fund with an allocation of Rs 75 crore aimed at supporting growth-stage startups in regions outside Bengaluru, including Mysuru, Mangaluru, and Hubballi.
As part of the Beyond Bengaluru, the state government wants to decentralise technological growth and foster entrepreneurship across Karnataka.
“This will be the initial fund to promote start-up entrepreneurs to invest in the three cities. A sum of ₹20 crore will be set aside for 2024-2025 and Rs 55 crore will be made available in 2025-2026,” said Law and Parliamentary Affairs Minister H K Patil.
According to the sources, the fund is designed to provide financial support and resources to emerging startups, helping them scale and contribute to regional economic development.
The government decision comes two years after the request of Karnataka Innovation and Technology Society (KITS) to set up seed fund for startups in Mysuru, Hubballi-Dharward and Mangaluru. KITS wants to have 10,000 startups from these clusters by 2030.
By promoting startup growth beyond the state capital, Karnataka aims to build a balanced startup ecosystem and stimulate innovation in diverse regions.
Leave a Reply