Karnataka Minister Unveils Bengaluru Innovation Report 2024 Highlighting City's Meteoric Growth

Karnataka Minister Priyank Kharge released the Bengaluru Innovation Report 2024, noting the city's projected GDP growth of 8.5% until 2035. He emphasized the substantial funding in e-commerce marketplaces, with $70.1 billion raised by Bengaluru startups since 2010. Bengaluru also leads in B2B and B2C funding among Indian cities.

Karnataka Minister Priyank Kharge announced the release of the Bengaluru Innovation Report 2024, curated by 3one4 Capital and the Startup Vision Group. Sharing the news on X, Kharge highlighted that Bengaluru's GDP is expected to grow at an impressive rate of 8.5 percent until 2035. He noted that among the top 10 cities worldwide projected for highest GDP growth rates between 2020-2035, Bengaluru, along with Mumbai and Delhi, represent India.

According to Kharge, Karnataka's prowess is evident as 85 percent of funding in e-commerce marketplaces has been directed to the state. He revealed that Bengaluru-based startups have raised a staggering $70.1 billion since 2010, with $15.1 billion procured this year alone. Bengaluru stands at the forefront in securing funding for business-to-business (B2B) and business-to-consumer (B2C) enterprises, garnering $34.9 billion and $4.9 billion, respectively.

He elaborated that Bengaluru is home to over 3,600 funded tech startups, with 25 percent leveraging DeepTech. Karnataka ranks as the fifth-largest unicorn hub worldwide, with India housing 112 unicorns valued at $320 billion cumulatively. Of these, 45 unicorns based in Bengaluru are valued at $160.8 billion. Additionally, 38 percent of India's 'Soonicorns' are rooted in Karnataka. Kharge added that Karnataka's investment ecosystem includes 1,565 VC funds, corporate ventures, and a robust network of 17,164 angel investors spanning over 400 R&D centers and more than 100 chip-designing houses.

(With inputs from agencies.)