Karnataka’s government has announced the 2024 cohort of its flagship Elevate programme, selecting 101 innovative startups and allotting a total of ₹25 Crore in seed grants. The scheme run by the state’s Electronics, IT & Biotechnology department is designed to nurture early‐stage ventures with funding, mentorship and ecosystem support. Notably, 42% of this year’s awardees are women-led and 36% are based outside Bengaluru, reflecting the state’s push for inclusive, statewide innovation.
What is Elevate?
Launched in 2015, Elevate is Karnataka’s flagship startup funding programme. It aims to identify and nurture cutting-edge startups by providing non-dilutive grants and support. Eligible ventures (incorporated in Karnataka, under 10 years old, and with revenues below ₹100 Cr) can receive a one-time grant of up to ₹50 Lakh to develop prototypes and go to market. In addition to capital, Elevate winners gain access to mentorship and incubation, they are mapped to the state’s K-Tech Innovation Hubs and Centres of Excellence for ongoing guidance. This combination of funding plus ecosystem support is intended to help startups scale rapidly.
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Launch & Goal: Initiated by Karnataka’s IT‐BT department in 2015, Elevate seeks to make the state a hub of innovation and entrepreneurship.
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Funding Support: Each selected startup can get up to ₹50 Lakh in grant funding to build and refine its product.
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Mentorship & Networks: Awardees are connected to state-run innovation hubs and industry mentors, helping them “access relevant resources to scale, compete globally and create jobs”
The latest Elevate round (for FY2024) hit several milestones. 101 startups were chosen and will share ₹25 Crore in total grants, the largest single-year funding yet. Grants range from ₹21 Lakh up to the ₹50 Lakh cap per startup. This year’s cohort is notable for its diversity: 42 of the 101 startups are led by women, and 36 are based in cities or towns outside Bengaluru, including 17 rural‐innovation ventures with impact-driven solutions. (For context, since Elevate began, the programme has already backed 1,084 ventures with nearly ₹249 Crore in funding).
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101 Startups Selected: Fresh cohort for 2024, covering sectors from agritech to deeptech.
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₹25 Cr Total Funding: Seed grants to be disbursed among awardees.
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Up to ₹50 Lakh Each: Individual grants range between ₹21 L and ₹50 L per startup.
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Inclusive Growth: 42% women-led teams; 36% from outside Bangalore.
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Statewide Reach: Selected ventures represent 14 districts, with special focus on rural and tier-2 innovators.
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Track Record: To date, Elevate has funded 1,084 startups with ₹249 Cr (25% women-led, 30% beyond Bengaluru).
The government emphasises that Elevate’s holistic support goes beyond money: winners are plugged into Karnataka’s innovation ecosystem. “Selected startups are mapped to K-Tech Hubs and Centres of Excellence for mentorship, incubation and ecosystem integration,” the IT‑BT department notes. This means promising teams get hand‐holding from industry experts and access to labs and demo space.
Impact and Success Stories
Elevate’s 2024 class spans a wide spectrum of innovation. For example, Microleer Biopolymers, a Mysuru startup making sustainable vegan leather secured funding under Elevate this year. So did Okulu Aerospace, a space-tech firm building environmental monitoring drones. Other grantees include rural-focused ventures like Baeru (ocean waste recovery) and biotech firms like Iniya Bioprobes. By backing such projects, Elevate is seeding solutions to real-world challenges across Karnataka and beyond.
Officials say these grants have an immediate impact. A state news release explains that Elevate startups receive “mentoring and networking opportunities which would help them access relevant resources to scale, compete globally and create jobs”. Indeed, the programme’s emphasis on speed and efficiency means startups get funding quickly, the 2024 selection process was completed within 90 days, so innovators can maintain momentum. IT-BT Minister Priyank Kharge remarks that Elevate is a key tool to “position Karnataka as a global leader in innovation and entrepreneurship,” complementing the state’s 45 unicorns and deeptech ambitions.
Looking Ahead
Building on Elevate’s momentum, Karnataka has rolled out further ecosystem measures. The 2025‑26 state budget announced a ₹300 Crore Fund of Funds and a ₹100 Crore deeptech corpus to fuel startup growth. Plans for a new deep-tech park and applied-AI centre are also in the works. These moves, together with Elevate, reflect a broader strategy: to nurture homegrown innovation at scale.
In sum, Karnataka’s Elevate 2024 program is a vivid example of government-driven startup support. By channelling capital and guidance to hundreds of entrepreneurs, many from underrepresented groups and regions, the initiative not only injects cash into promising ventures but also weaves a tighter startup ecosystem. Its early outcomes (101 funded startups, ₹25 Cr invested) and success stories underscore the tangible benefits of policy support for innovation. As these young companies grow, they stand to reinforce Karnataka’s reputation as a leading hub for technology and entrepreneurship.