Karnataka Minister Priyank Kharge Releases Bengaluru Innovation Report 2024
Bengaluru (Karnataka) [India], July 27: Karnataka Minister Priyank Kharge announced the release of the Bengaluru Innovation Report 2024, curated by 3one4 Capital and the Startup Vision Group. He shared that Bengaluru’s GDP is projected to grow at 8.5% until 2035.
Key Highlights
Minister Kharge noted that the top 10 cities with the highest GDP growth rates between 2020-2035 are projected to be in Asia, with Bengaluru, Mumbai, and Delhi from India. Bengaluru is recognized for having the highest number of female employable talent and being the most millennial-friendly city in India for education and employment, ranking 18th in the Asia Pacific. Bengaluru Urban has the maximum number of colleges per district at 1,106.
Startup Funding
He mentioned that 85% of funding in e-commerce marketplaces has been in Karnataka. Bengaluru-based startups have raised $70.1 billion since 2010, with $15.1 billion raised this year alone. Bengaluru leads in funding for business-to-business (B2B) at $34.9 billion and business-to-consumer (B2C) at $4.9 billion. Delhi follows with B2B at $13.5 billion and B2C at $1.8 billion.
Tech Startups and Unicorns
Bengaluru has over 3,600 funded tech startups, with 25% leveraging DeepTech. Karnataka is the fifth-largest unicorn hub globally, with India having 112 unicorns valued at $320 billion. Forty-five unicorns in Bengaluru are valued at $160.8 billion. Thirty-eight percent of India’s 435 ‘Soonicorns’ are in Karnataka.
Investment Ecosystem
Karnataka’s investment ecosystem includes 1,565 VC funds, corporate venture funds, and 17,164 angel investors. The state hosts over 400 R&D centers, more than 100 chip-designing houses, 70% of the nation’s chip designers, and holds 40% of the electronic design share.
Women-led Startups
There are 1,100 active women-led startups in Bengaluru, raising $9.2 billion in the past decade. Startups beyond Bengaluru include the Mysuru cluster with 402 startups, the Mangalore cluster with 432 startups, and the Hubballi/Dharwad/Belagavi cluster with 463 startups. A total of 983 startups have received funding through Elevate, with 32% from Tier 2 and 3 cities and 24% being women-led startups.
Doubts Revealed
Karnataka -: Karnataka is a state in the southern part of India. Its capital city is Bengaluru, which is known for its technology and innovation.
Minister Priyank Kharge -: Priyank Kharge is a politician from Karnataka. He is a minister in the state government and works on projects related to technology and innovation.
Bengaluru Innovation Report 2024 -: This is a report that talks about the progress and future plans for innovation and technology in Bengaluru, a major city in Karnataka.
GDP growth -: GDP stands for Gross Domestic Product. It is a measure of how much money a place, like a city or country, makes from all its goods and services. Growth means it is increasing.
3one4 Capital -: 3one4 Capital is a company that invests money in new and growing businesses, especially in technology and innovation.
Startup Vision Group -: This is a group that helps new businesses, called startups, to grow and succeed by providing guidance and support.
startup funding -: Startup funding is money that new businesses receive to help them start and grow. This money can come from investors or other sources.
$70.1 billion -: This is a very large amount of money, equal to 70,100 crores in Indian rupees. It shows how much money has been invested in startups in Bengaluru since 2010.
female employable talent -: This means women who have the skills and education needed to get good jobs.
millennial-friendly -: Millennials are people born between 1981 and 1996. Millennial-friendly means something that is good or suitable for this age group, like education and jobs.
investment ecosystem -: This is the environment or system that supports investments, including the people, companies, and rules that help businesses get money to grow.
tech and innovation -: Tech is short for technology, which includes things like computers and software. Innovation means creating new and better ways of doing things.
