Karnataka-based start-ups have attracted huge amount of venture capital: Ashwath Narayan
DUBAI:
Digital enablers such as AI, machine learning, digital analytics and process automation, and the creation of new and innovative tools which supported the country during the Covid-19 pandemic, have put Karnataka on the global map of innovation and entrepreneurship, CN Ashwath Narayan, Minister for IT/Bt and S&T, said here on Monday.
In his opening remarks at the Dubai World Expo-2020 on ‘How Karnataka has emerged as the start-up capital of Asia’, he pointed out that entrepreneurs from across India are increasingly setting up shop in Karnataka.
“Venture capital firms infused a total of $17.2 billion into the Indian start-up ecosystem during January-July 2021, with a large amount invested in Karnataka-based start-ups like Udaan, Meesho, Cred, Razorpay, Vedantu and Dunzo,” the Minister noted.
‘Bengaluru is start-up hub’
In 2021, Karnataka has seen 8 startups achieving the unicorn status of $ 1 billion in valuation, and Bengaluru is home to one of the largest start-up ecosystems in the world, he pointed out.
Karnataka is the preferred destination for MNC/GCCs and home to 400 out of the Fortune 500 companies, he said.
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