Karnataka wants 50 Fintech unicorns by 2030
Karnataka Digital Economy Mission (KDEM) CEO Sanjeev Gupta said that Mangaluru will be the Fintech hub and Karnataka will produce 50 Fintech unicorns by 2030.
Speaking during the second edition of ‘Technovanza’ said Karnataka will have a Fintech market of $500 billion by 2030, 50 percent of India’s contribution in the sector.
“We have identified Mangaluru with crucial innovation led by a thriving talent base and increasing manufacturing and IT activity. Not surprisingly, the city and its surrounding areas have all the markers of excellence required to sustain a long-term startup culture. Along with clusters in Mysuru and Hubballi -Dharwad-Belagavi, Mangaluru will lead the state’s next phase of digital transformation and technological dominance.”
Read | KDM expects the state’s digital economy to reach $300 billion by 2025
Rohith Bhat, CEO of 99Games said the Mangaluru cluster is looking for an additional workspace. The cluster looks for large companies, satellite offices and homegrown startups. The goal is to have $3.2 billion in IT exports from the cluster over the next 10 years.
He said the CEO’s conclave with the minister on Saturday evening felt the need to organize a road show in the Gulf region to showcase the Mangaluru cluster. Connectivity between Mangaluru and Bengaluru should be improved by reducing travel time.
The need to create an R&D fund to encourage development of new products and create an Impact fund of Rs 1,000 crore for the Mangaluru cluster was also felt during the meeting.
Chairman of Karnataka’s Startup Vision Group, Prashanth Prakash, said social infrastructure beyond physical infrastructure is important for any city. “Unless we make the city a cool place where young people feel the right vibe, we won’t be able to make it a silicon beach. Softer aspects of what young people want must be addressed. Make the place inviting, where young people want to thrive. Goa has other cultural and softer aspects which should be made available in Mangaluru,” he felt.
Manipal Global Education Services Chairman TV Mohandas Pai said the digital revolution is sweeping the world. In Karnataka, GDP has a share of 66.5 percent in services, much more than neighboring states. In Karnataka, 25 percent of GDP comes from software. Mangaluru should become a hub for human capital and not a place for retirees. There is a need to finance start-ups and innovation, he said.
Dr EV Ramana Reddy, Additional Chief Secretary, Department of Electronics, IT BT S&T, Higher Education, Skill Development and Entrepreneurship said, “Descending clusters outside Bengaluru, such as Mangaluru, are exerting more significant influence; we expect an increase in their economic contribution to be around 17 percent by 2030. What primarily drives Mangaluru’s share is the 150 IT companies that amass an annual export revenue of over Rs 3,000 crore. The Mangalore Software Technology Parks of India (STPI), along with the region’s high literacy, entrepreneurship and low attrition, have been instrumental in attracting IT/ITES companies.”
Karnataka Digital Economy Mission Chairman BV Naidu said “KDEM is focused on developing Mangaluru as an attractive trade destination. We have already established over 50 start-ups through the ‘Beyond Bengaluru Start Up Grid’ initiative, which extends legal, financial, marketing, financing- and mentoring assistance to enable their growth. We are also working to launch the Center of Excellence in Fintech, which will be a milestone in the region.”
