In a bold move to elevate its global stature, Bengaluru aims to advance from its current ranking of 21st to the top 10 startup ecosystems worldwide by 2035, according to Karnataka IT Minister Priyank Kharge. Speaking at a ceremony honouring the winners of the ELEVATE grant-in-aid programme on Wednesday, Kharge highlighted the city’s projected GDP growth rate of 8.5% until 2035, positioning it as a prime location for startups.
“We are committed to supporting the growth of startups in our state,” Kharge stated, noting that several startups are expanding internationally. The government plans to introduce a new policy to facilitate country-specific corridors, providing these companies with easier access to global markets.
The event also marked the release of the Bengaluru Innovation Report 2024, showcasing the city’s numerous advantages for startups. Bengaluru currently houses 45 of the country’s 112 unicorns, with a combined valuation of $161 billion. The goal is to propel the city into the top three global rankings.
Additionally, Kharge emphasised the expansion of the startup ecosystem into regions such as Mysore, Mangaluru, and Hubli-Dharwad, which collectively host 1,500 startups. The Karnataka IT Department awarded grants totalling Rs 60 crore to 263 startups across four schemes: ELEVATE Kalyana Karnataka, Amrita Startups, ELEVATE Unnati, and ELEVATE for early-stage funding.
Among the 263 recipients, 47 are led by women entrepreneurs, and 119 are from Tier II and III cities. Since its inception, the ELEVATE scheme has supported 983 startups with seed funding totalling Rs 224.06 crore.
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