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Karnataka Government Announced $1.5 Mn Fund For Agritech Startups

To increase growth of innovative ideas in the agritech sector, Karnataka’s agriculture department has announced about $1.5 Mn (INR 10 Cr) fund to be administered by the information technology and biotechnology (ITBT) department. The Karnataka will soon call for a hackathon for technology-enabled ideas and innovative ways to address challenges in agriculture.

A budget of about $1.6 Mn (INR 10.5 Cr) has been allocated for agriculture innovation startups which will be allocated in May 2017 to selected startups. The government also assists startups in the agri space with Series A and B funding by connecting them to investors.

The Karnataka State Government has been proactive in encouraging startups in the state. Earlier in July 2016, the Government of Karnataka, announced a set of schemes with an aim to bolster the startup ecosystem in the state, which included a $60 Mn fund, the launch of a startup cell in Karnataka Biotechnology and Information Technology Services (KBITS), and more.

In order to get a remunerative market for the farmers and a reasonable price for the consumers, the Government of Karnataka has promoted 14 district-level Organic Federation of the Farmers covering all 30 districts in the State.

Source:https://inc42.com/
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