The Karnataka government has decided to allocate Rs 10 crore for startups that are working on innovation in the agricultural space in May.
As per a report in Business Standard, IT and Tourism minister Priyanka Kharge said, "The government has been and will assist startups in agri-space with series A and B funding by connecting them to investors.â€ť
Kharge further added that Karnataka is the only state that has a Proof of Concept Grant Scheme, under which the government aims to issue up to Rs 50 lakh as part of its multi-sectoral startup policy and work with various stakeholders to create ideation and incubation sectors.
And Karnataka is also the first state to set aside Rs 10 crore to fund agri startups. The fund will be administered by the information technology and biotechnology (ITBT) department.
As per a report by YourStory, Kharge said Karnataka is the only state in the country that provides funds for startups from agriculture to aerospace. â€śThere are lots of innovations in tier-2 cities. We are calling all innovators to register themselves with the state startup cell and be eligible for grants.â€ť
â€śWe do not even want equity while granting funds. We only look for bright ideas that can help growth and development in different sectors. We are sure development and research will follow,â€ť Kharge said.
Startups that get selected will be able to work with government departments, which will give them access to conduct field trials all over the state.
But for those who are not eligible, there is a separate fund for companies in the food processing business as well that these startups can apple for.