The Hyderabad – based IKP Knowledge Park (IKP stands for Innovation Knowledge Progress) is planning to establish five startup incubation hubs in the tier-II cities of Karnataka. It has already established an incubation center at Bengaluru with an investment of Rs. 8 crores raised from the Government of Karnataka. The company is in talks with the Karnataka Government to raise another Rs. 31 crores investment to setup five incubation hubs at the tier 2 cities of Karnataka said IKP chairman and CEO, Deepanwita Chattopadhyay. The company has also raised Rs. 108 crores investments from various investors like Biotechnology Industry Research Assistance Council (BIRAC), Bill and Melinda Gates Foundation, US Agency for International Development, the Department of International Development of the UK and the Department of Science and Technology. Read more on Investments
“Over 60 percent of these funds have been deployed to boost the biotech, healthcare and life science startups across the country in the past five years. We have supported more than 100 entrepreneurial ventures at their early stage, out of which 20 startups were focusing primarily on tuberculosis care. We have invested Rs. 10 lakhs to Rs. 1 crore on each startup depending on the requirement and scalability”, Chattopadhyay said.
Earlier, IKP Knowledge Park had established India Innovation Fund (IIF) with a corpus of Rs. 40 crores in partnership with Nasscom, to fund startups in India. To encourage startups and to promote innovation, IKP had initiated the Grants Management Program and conducts grant challenges and other innovation scouting programs throughout India.
I firmly believe that today’s research is tomorrow’s innovation. Hence, to produce life – saving and useful medical products, the bio – medical startups in India have to be funded, mentored and incubated. Research and innovation have to be promoted in every field to produce quality products. The steps which IKP Knowledge Park has taken in this regard are truly heartening. The Government of India must collaborate with and fund more of such companies to promote quality startups in India. Read more on Startup News