Bengaluru: Under the Elevate Karnataka programme, the government will fund around 100 startups with a committed budget of Rs 20 crore this year. The startups that need funding and mentoring to scale up can apply till December.
The government will provide a one-time grant of up to Rs 50 lakh to each startup to encourage innovators who may need early-stage funding. “Karnataka is the first state in the country to provide grant-in-aid to startups without taking equity in return. We have also done better than private venture capital firms at a time when the funding industry is still talking about slowdowns due to funding winter,” said IT&BT minister Priyank Kharge.
Started in 2015, the government has so far funded Rs 197 crore to 874 startups, including Bounce, an electric scooter manufacturer, and Shuhari Tech Ventures, a fintech company run by women. Of these startups that got funding, 24% are from Tier-2 and Tier-3 cities, and 30% were founded by women. “This shows the state’s commitment to encourage women entrepreneurs and those outside Bengaluru,” Kharge added.
Under Elevate Unnati, a part of the Elevate Karnataka scheme, the government is encouraging startups by SC and ST communities. So far, 91 startups founded by SCs and STs have been given funding. Similarly, 18 startups from the Kalyan-Karnataka region have been given Rs 3.5 crore, the minister said. Kharge said the government has adopted a rigorous and thorough evaluation and selection of startups for funding. The process involves four states that include data sufficiency and eligibility, offline pitching (only for Bengaluru Urban), multi-city pitching, and the grand finale. The grand finale for the current fiscal year, where the winners for the funding will be announced, will be held in January–February 2024.
Medtech startup Inito raises $6 million in series a funding led by Fireside Ventures;
Bengaluru-based medical technology startup Inito has raised $6 million in a series A funding round led by Fireside Ventures. The funding will be used to expand the company’s hormone test globally, develop advanced analytics using AI, and invest in R&D for new tests. Inito aims to offer diagnostic tests for various health concerns through a smartphone-based platform in the long term. Its flagship product, the Fertility Monitor, helps women track fertility hormones and provides personalized analytics about reproductive health. The company uses a combination of hardware, biotechnology, and machine learning in its technology.
Startup Breathe ESG raises pre-seed round funding led by 100X.VC;
Breathe ESG, a startup providing SaaS solutions for sustainability management, has raised $315,000 in a pre-seed funding round led by 100X.VC. The funding will be used to enhance product capabilities, expand offerings, and enter global markets. Other investors include KANJ Realty Ventures, Hyderabad Angels, Vipul Jain, Pradeep Lala, and Prashant Naik. Breathe ESG was founded in July 2022 and aims to help businesses streamline their sustainability efforts and integrate ESG practices into their core strategies.
Local startup wins govt competition;
AgroZee Organics, a startup based in Chhatrapati Sambhajinagar, has won the Food Processing Startup Challenge organized by the Ministry of Food Processing Industries. Led by entrepreneur Mahesh Londhe, the startup focuses on purchasing raw millet grains from farmers in Maharashtra and other states and adding nutritional value to them. They have received a cash prize, trophy, and one-year guidance for technology development from the Government of India……