Karnataka was a pioneer in funding the growth of the IT industry through its KITVEN-3 and 4 funds. Under its Innovate Karnataka initiative, the State Government would be providing financial support equivalent to Rs 300 crore in the form of grant/equity through its various funds to startups; micro and small enterprises in IT, BT, and other manufacturing sectors in the next four years.
Idea2PoC /ELEVATE Grant
With the vision to create a world-class startup ecosystem in the State, The Government of Karnataka has taken several strategic investments and policy interventions, to create a culture of innovation and entrepreneurship in the State. Karnataka is the first State in the country to initiate Grant-in-aid to startups without taking equity. The Idea2PoC/ Elevate scheme was launched by the Department of Electronics, IT, Bt and S&T, Government of Karnataka to identify and nurture innovative startups and to provide them the necessary boost at various stages through funding, mentoring, incubation, etc. A one-time grant of up to Rs. 50 lakhs are given to encourage innovators who may need early-stage funding to develop a prototype, market development, and scale-up. The initiative aims to provide a comprehensive entrepreneurship platform to startups along with giving access to mentors, networking opportunities, funding, idea validation, subsidized incubation, pilots with Government Departments, market access, etc.
Corpus – Up to Rs. 50 Lacs for selected ideas.
Available To – Open to anyone from Karnataka who has an idea and is willing to commit time to bring it to a PoC stage.
The process to avail – This is followed by shortlisting through evaluations by the panel of judges and presentations before the Idea2PoC committee.
GRAND CHALLENGES (GCK)
The Grand Challenges Karnataka (GCK) is a unique innovation program of the Department of Electronics, IT, Bt, and S&T under Karnataka Start-up Policy 2015-2020. In this program, the Department identifies societal problems (linked to sustainable development goals) in consultation with other State government departments. The problem statement is then refined and thrown open for startups, innovators, and individuals to propose potential solutions to the
problem. The program uses a rigorous selection mechanism, fund them in stages, and award grant money to the final winners. Focus sectors include Urban Development, Health Care, Food Security, Clean Environment and Education for all, Urban Mobility, etc.
Corpus –
- Up to Rs. 10 Lacs for 5 shortlisted projects.
- Up to Rs. 50 Lacs for 1 innovation selected from the list of 5.
Available To – Open to anyone from any discipline in India – from individuals, researchers, and faculty in colleges/ universities/ government labs/ institutions to start-ups, and not-for-profit organizations.
The process to Avail – Send an executive summary covering aspects like the brief background of the company & promoters, technology, past financial performance, market opportunities, uniqueness of the product/technology/solution, and funding requirements by emailing to startupcell@karnataka.gov.in.
Alternative: Send the physical application form to Karnataka Startup Cell
Karnataka Innovation and Technology Society(KITS)
Department of Electronics, IT, Bt and S&T, Government of Karnataka,
BMTC – Central Offices Building,
TTMC ‘B’ Block, 4th Floor,
Shanthinagar, KH Road,
Bengaluru 560 027.
A panel of experts judges the application and has further discussions and presentations to decide on the funding.
BIO VENTURE FUND (Kitven Fund-3)
A venture capital fund called KITVEN Fund-3 (Biotech) is a Securities & Exchange Board of India (SEBI) registered Venture Capital Fund that proposes undertaking investments in companies catering to Biotechnology and other allied sectors within the State of Karnataka. The investment in companies will be like equity, preference capital (convertible/ redeemable), debentures, OR a combination of any of the above instruments adhering to the guidelines issued by the SEBI from time to time. As the IP/ product development life cycle is longer in most biotechnology firms, the fund seeks to co-invest with other reputed VC / investment firms. The typical investment horizon would be 3-5 years although lower periods would also be considered.
Corpus – Rs. 50 Crores.
Available To –
- Start-ups, Early Stage, and SMEs.
- Maximum funding: Rs.3.50 Crores.
- Minimum funding: Rs. 1 Crore.
The process to Avail – Send executive summary covering aspects like the brief background of the company & promoters, technology, past financial performance, market opportunities, uniqueness of the product/technology/solution, and funding requirements by email to info@kitven.in
Alternative: Send the physical application form to
Karnataka Asset Management Company Private Limited
Khanija Bhavan, 4th Floor, East Wing, No 49, Race Course Road,
Bangalore – 560 001. India.
A panel of experts judges the application and has further discussions and presentations to decide on the funding.
Where to APPLY:- http://www.kitven.in/application-form
AVGC VENTURE FUND (Kitven Fund-4)
A venture capital fund called KITVEN Fund-4 (AVGC) has a corpus of Rs. 20 crores. The Fund plans to invest in businesses in the State of Karnataka that serve animation, visual effects, gaming, comics, and other related industries. The Department of IT, BT & ST, Government of Karnataka, as well as involvement from other State Government firms/institutions, created the Fund. The investment in firms will be in the form of equity, preferred capital (convertible/redeemable), debentures, or a combination of any of the aforesaid instruments, by the rules published by the Securities and Exchange Board of India (SEBI) from time to time. Lower time frames would also be taken into consideration, although the normal investment horizon is three to five years.
Corpus – Rs. 20 Crores.
Available To –
- Start-ups, Early Stage, Small and Medium Sized Enterprises.
- Maximum funding: Rs.2 Crores.
- Minimum funding: Rs. 50 Lacs.
The process to Avail – Send executive summary covering aspects like the brief background of the company & promoters, technology, past financial performance, market opportunities, uniqueness of the product/technology/solution, and funding requirements by email to info@kitven.in
Alternative: Send the physical application form to
Karnataka Asset Management Company Private Limited
Khanija Bhavan, 4th Floor, East Wing, No 49, Race Course Road,
Bangalore – 560 001. India.
A panel of experts judges the application and has further discussions and presentations to decide on the funding.
Where to APPLY:- http://www.kitven.in/application-form
STARTUP FUND OF FUNDS
Fund Size – 200 crores.
Sector – Multi sector.
Eligibility – Daughter VC Funds must be compliant with SEBI and other regulatory framework in India.
Where to apply – Coming Soon.
Karnataka Innovation & Technology Society
Government Of Karnataka
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