May 26, 2024

Karnataka will create 50 Fintech companies and 100 Soonicorns

To establish Mangaluru as India’s fintech centre, Fintech Unicorns submit a fintech report by 2030.

Mangaluru will be a Fintech centre, and Karnataka will create 50 Fintech companies and 100 Soonicorns, accounting for 50% of India’s Fintech market share.

The port city was highlighted as the cluster with the most potential and a destination for fintech and IT/ITeS enterprises in the 2nd edition of “Technovanza @ Mangalore.”  In-person attendees included more than 500 people, 1,000 walkathon participants, 200+ CEOs/CXOs, 25+ investors, 25+ startup showcases, and the two country partners of the Global Innovation Alliance. The conference also welcomed academic leaders, policymakers, and representatives from the R&D and start-up communities.

Currently, there are about 150 IT businesses based in Mangalore. generating annual export earnings totaling more than INR 3000 crore.  By 2025, KDEM hopes to attract 8–10 new, sizable IT businesses that will generate INR 9,000 crore in export sales annually.

The second edition of Mangaluru Technovanza was hosted at the Dr. TMA Pai International Convention Centre on December 16 and 17, following comparable events in Hubballi and Mysuru, as part of the Karnataka Digital Economy Mission’s (KDEM) “Beyond Bengaluru” strategy. In order to showcase the area as a budding startup cluster with a strong potential for expanding all forms of Economic Growth Centres (EGCs) and creative industries, the city welcomed a number of ministers, industry peers, stakeholders, startups, and enterprises to the exhibition. It should be noted that the occasion promoted Mangalore as the appropriate fintech and IT/ITeS location and served as the venue for the release of the significant “Fintech Task Group” report.

Dr. C. N. Ashwath Narayan, the government of Karnataka’s honourable minister for electronics, information technology, biotechnology, science and technology, higher education, skill development, entrepreneurship, and livelihood, as well as Sh. Vedvyas Kamath, the MLA for Mangalore South, and Dr. Bharath Shetty, the MLA for Mangalore North, were in attendance.

The two-day conference featured a variety of activities, such as panel discussions, keynote speeches, fireside chats, a walkathon, CEO networking, and a start-up expo that addressed technology and entrepreneurship issues in the context of clusters outside of Bengaluru. Delegates, walkathon participants, start-ups, CEOs, and other attendees should be included.

The Global Innovation Alliance has 500+ delegates, 1000+ walkathon participants, 200+ CEOs/CXOs, 25+ investors, 25+ company showcases, and 2 nation partners. CoEs in cybersecurity, fintech, and AVGC.

An investor startup pitch event was hosted in conjunction with TiE Bangalore under the name Mangaluru Blue. Twenty selected start-ups from the cluster received free showcase booths at the meeting, and the top 10 presented to the invited investors. Finally, the investors sent letters of intent to the winning start-ups.

The Women At Work Conclave (W@W) discussed how the ecosystem in Mangaluru might encourage women to join the workforce and included a panel discussion on “Women in Entrepreneurship” with female leaders from business, academia, and social entrepreneurship.

Dr. Ashwath Narayan served as the moderator of the CEO Round Table, where key business anchors and leaders discussed the cluster’s strategic direction and how to make a real, long-lasting effect.

During this two-day meeting, the Fintech Task Group presented and submitted the roadmap report to the government. Making Karnataka a hub for global fintech is the goal.

Walkathon: A number of people, including members of the student body, came together to spread the word about the event’s objective and engage in a 5-kilometer walk led by Dr. Ashwath Narayan.

Dignitaries from partners like NASSCOM, ASSOCHAM, IESA, CII, Young Indians, CEOL, KCCI, TiE Bangalore, and EVOLVE were also present.

Speaking about the government’s digital goals, Dr. Ashwath Narayan C. N., Hon’ble Minister for Electronics, Information Technology, Biotechnology, Science and Technology, Higher Education, Skill Development, Entrepreneurship and Livelihood, Government of Karnataka, stated that the nation is ready to usher in a new era of the “Made in India Digital Product and Platform Revolution” by fully utilising the skills of our young workforce. In an effort to adhere to our data-driven, digital-first vision, we are fast developing in fields like artificial intelligence (AI), automation, the Internet of Things, and blockchain and creating software products that are well-known worldwide.

We need to strengthen our data management methods and increase our emphasis on reskilling and skilling tech talent, particularly in the emerging clusters.

So far as this is concerned, the government is committed to utilising start-ups in these areas, supporting the talent ecosystem, offering policy benefit outreach to industries, and creating social infrastructure. In this cluster, we are establishing three CoEs: AVGC, Fintech, and Cybersecurity. We have determined that Mangalore is a key contributor to the nation’s technological objectives, and we will fully invest in the people, concepts, and entrepreneurial spirit of the cluster.

Mangalore’s expanding economic prominence and ongoing development initiatives were mentioned by Dr. E. V. Ramana Reddy, IAS, Additional Chief Secretary, Department of Electronics, IT BT S&T, Higher Education, Skill Development and Entrepreneurship, and Dept of Industries & Commerce, Government of Karnataka:

“Emerging clusters outside of Bengaluru, including Mangalore, are having a bigger impact; by 2030, we predict their economic contributions to increase by about 17%. The 150 IT companies in Mangalore, which collectively generate over INR 3000 crore in annual export revenue, are the main drivers of the city’s share. In addition to the area’s high levels of entrepreneurship, literacy, and attrition, the Mangalore Software Technology Parks of India (STPI) have been crucial in luring IT/ITES firms. The government has also made efforts to hasten the cluster’s expansion in other regions.

The government of Karnataka, with the assistance of KDEM, has established a cluster seed fund of INR 25 crore specifically for start-ups in the Mangalore cluster as part of the prestigious “Beyond Bengaluru” projects. The organisation has started cluster-specific grants through the Karnataka Accelerator Network, which will help startups and businesses catch up to the standards set by the world’s incubation and acceleration services. We are eager to work with our partners to realise some of our inspiring ideas for the area.

Karnataka Digital Economy Mission Chairman B.V. Naidu spoke about the accomplishments of KDEM and the results of Technovanza: “KDEM is focused on developing Mangalore as an attractive trade location. Through the “Beyond Bengaluru Start Up Grid” project, we have already established more than 50 start-ups here and provided them with legal, financial, marketing-branding, fundraising, and mentoring support to facilitate their expansion. Additionally, we are working toward the opening of the Centre of Excellence in Fintech, which will be a significant accomplishment for the area. With aggressive industry involvement, we hope to establish Mangalore as a major financial center and establish connections with businesses looking to capitalise on the city’s dynamic climate.

In this way, Technovanza helped us evaluate our development, communicate our intentions for the area to the greater industry ecosystem, get their input, and plan our next steps. This joint initiative will help our partners and us in identifying issues and resolving them so that businesses and investors may easily establish themselves in Mangalore and expand the local economy.

“We’ve identified Mangalore with key innovation led by a flourishing talent base and rising manufacturing and IT activity,” continued Sanjeev Gupta, CEO of the Karnataka Digital Economy Mission. It should come as no surprise that the city and its surroundings possess all the indicators of excellence necessary to support a long-lasting start-up culture. We can streamline businesses, employees, and logistics under a single ecosystem with the right framework and concepts, making it possible for both giant conglomerates and promising start-ups to collaborate comfortably. Mangalore will set the pace for the state’s upcoming phase of digital transformation and technological domination, with clusters in Mysuru and Hubballi-Dharwad-Belagavi.

KDEM collaborates with the Karnataka government and supports its IT/BT and S&T goals. The non-profit organisation serves as a conduit between the government and the many industry participants, facilitating discussions and offering technology advice through active dialogue, planning, and strategy. The Karnataka Digital Economy Mission (KDEM) has facilitated a number of technology projects and continues to work toward giving it priority.