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History was scripted in the startup world today as for the first time Rs 35 crore funds were made available to 100 plus startup winners at Elevate 100, a Karnataka government initiative to handhold and fast-track entrepreneurship.
Declaring the winners after a marathon two month effort where startups in diverse sectors across Karnataka made pitches to the jury, Karnataka IT and BT Minister Priyank Kharge said this was the first time anywhere in the world that so much money was being granted at one go to companies with great ideas.
The minister said,
Out of 1,700 applications that were received, after a gruelling three rounds, the jury consisting of industry experts selected 112 companies of the 300 that made it to the final round. But all of them are winners as we received applications from every nook and corner of the state. We received great ideas and they need to only sharpen their ideas and pitches.
Of course, not all selected companies would get the same amount. While some would be eligible for grants up to Rs 50 lakh under the idea2poc scheme, others would be able to tap into the Rs 400 crore funds available with the department under various schemes.
"There are biotech and meditech companies that have already spent some considerable time on their ideas. Such startups would get funds from designated Kitven funds where they have to part with equity and be eligible for higher amounts," Priyank clarified.
Priyank listed 27 startups in ESDM and IOT, 26 in IT and ITeS, 19 in meditech, 11 in biotech, three companies in agritech, six dealing with cleantech, and four in AVCG fields.
Among the winners were 19 startups run by women entrepreneurs and nine rural startups.
The government also inked agreements with nine companies to help these startups. Among those are Google and Amazon which came forward to give cloud credits for these selected companies, with PWC for mentoring and consulting, with Yes Bank and Kotak Mahindra Bank for banking and filing their tax credits, with Indian Law Practice for legal help and with Digital Ocean and Zoho.
Describing this selection as a very tiring but fruitful journey, Priyank said the exposure will help the government and industry to come together and lead to startups getting a better deal from the ecosystem.
The Elevate 100 winners are:
5W VENTURES PVT. LTD
AADYAH AEROSPACE PVT LTD
AFTERGLOW TECH(OPC) PRIVATE LIMITED
AISSEL TECHNOLOGIES PRIVATE LIMITED
AMELIORATE BIOTECH PRIVATE LIMITED
AMVICUBE
ANB FUELS
ANEKASTRA SOFTWARE TECHNOLOGIES
APTENER MECHATRONICS PRIVATE LIMITED
ARKSA RESEARCH LABS
ATRIMED BIO-TECH LLP
AUDICOR CARDIOMETRICS PVT. LTD.
BELLATRIX AEROSPACE PRIVATE LIMITED
BIGSOLV ADVANCED LABS PRIVATE LIMITED
BIODESIGN INNOVATION LABS PRIVATE LIMITED
BIO-LUTIONS ECO TECH INDIA PRIVATE LIMITED
BITGRAM TECHNOLOGIES PVT. LTD.
BRAINYBATCH TECHNOLOGIES PRIVATE LIMITED
BREATHE APPLIED SCIENCES PVT. LTD.
CALTECH INNOVATIONS PRIVATE LIMITED
CARDIAC DESIGN LABS PRIVATE LIMITED
CHIGRU INNOVATIONS OPC
CHRONOSPHERE TECHNOLOGIES PVT. LTD.
CLEAN BILL OF HEALTH PRIVATE LIMITED
COEO LABS
CYCLOPS MEDTECH PVT LTD
DATAGLEN TECHNOLOGIES PRIVATE LIMITED
DENOVO BIOLABS PVT. LTD.
DIPONED BIO PVT LTD
EFLIGHT (GHAGAN AVIATION PVT LTD)
ETHNUS TECHNOLOGIES
EVENTOSAUR
EXCELTECH
FYLE
GEEK LABS
GINGERMIND TECHNOLOGIES PVT LTD
GRAPHENE
GREEN ROBOT MACHINERY PRIVATE LIMITED
HAPPY RELIABLE SURGERIES PVT. LTD.(OPC)
HAVSTRUCK SOLUTIONS PVT LTD
HUBLIN ENTERPRISES
I-BYK
INNODI WATER TREATMENT TECHNOLOGIES PVT. LTD.
INNOV4SIGHT HEALTH AND BIOMEDICAL SYSTEMS PRIVATE LIMITED