Karnataka plans to allocate Rs 10 cr to agri-innovation startups

State had recently released Rs 2.5-cr funds for tourism startups

The Karnataka government is all geared up to allocate Rs 10 crore for agriculture innovation startups in May.

"The government has been and will assist startups in agri-space with series A and B funding by connecting them to investors," IT and Tourism Minister Priyank Kharge said at the 'National Trade Fair For Organics and Millets 2017' in Bengaluru.

A budget of Rs 10 crore has been allocated for agriculture innovation startups which will be allocated in May to selected startups, he said.

The government had funded as much as Rs 2.5 crore to eight startups in tourism space recently, the minister said.

Kharge said Karnataka is the only state that has a Proof of Concept (Idea2POC) Grant Scheme, under which the government aims to issue upto Rs 50 lakh as part of its multi-sectoral startup policy and work with various stakeholders to create ideation and incubation sectors.

He also said startups in tier-II cities are also being funded by the state by registering with the startup cell.

Agriculture Minister Krishna Byre Gowda said Karnataka is the only state which supports startups with a dedicated agri-fund and also provides food processing funding, in case a company is not eligible for innovation funding.