In Bengaluru, 16 start-ups have raised a capital of over Rs 600 crore.

The start-ups incubated at Start-up Warehouse set up by the Karnataka Government in association with Nasscom have become successful, said Karnataka chief minister Siddaramaiah.

Speaking after inaugurating the ‘Start-up Warehouse’ in Bengaluru, chief minister said the first warehouse set-up by the State Government has been a successful experiment resulting in over 64 Start-ups being incubated.

“These early stage companies have been successful in drawing the attention of angel investors and venture capitalists,” he added.

The first Start-up Warehouse has encouraged us to set up a larger Start-up Warehouse in 36,000 Square Feet, which will house up to 400 start-ups.

The warehouse will also have Mobile Devices Laboratory (MDL) and Internet of Things (IoT) laboratory for the benefit of the tech start-ups community.

The State Government has recently unveiled Karnataka Start-up Policy for 2015-2020, with the objective of stimulating growth of 20,000 tech start-ups by 2020 and creating six lakh direct and 12 lakh indirect new jobs.

The Start-up Policy aims at encouraging entrepreneurship, setting-up of Incubation Centres, fostering strong partnerships between R & D and Industry, providing early-stage funding to Start-ups by setting-up a Start-up fund.

The Start-up Policy covers Information Technology, Biotechnology and the Manufacturing sectors. The Start-up Council under my chairmanship will review the implementation of Start-up Policy on a regular basis.

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