Fintech Unicorns Submit Fintech Report To Make Mangaluru Fintech Hub Of India

* Mangaluru To Be Fintech Hub And Karnataka To Produce 50 Fintech And 100 Soonicorns By 2030

* Karnataka to be USD 500 Billion Fintech market by 2030, 50% of India’s contribution in the sector

·       The 2nd edition of ‘Technovanza @ Mangalore’ showcased the port city as the cluster with the maximum potential and a destination for fintech and IT/ITeS companies

·       The in-person two-day conference welcomed industry leaders, academic leaders, policymakers, and the R&D and start-up communities, including 500+ delegates, 1000+ walkathon participants,200+ CEOs/CXOs, 25+ investors, 25+ startup showcases and the 2 country partners  of the Global Innovation Alliance

* Mangalore is currently home to over 150 IT companies aggregating an export revenue of more than INR 3000 crore per year

* KDEM aspires to bring in 8–10 new large IT companies generating INR 9,000 crore in export revenues per year by 2025

As part of its ‘Beyond Bengaluru’ initiative, Karnataka Digital Economy Mission (KDEM)—the organisation entrusted with enabling the state’s technological development—held the 2nd edition of Mangaluru Technovanza at the Dr TMA Pai International Convention Centre on 16 and 17 December, following similar events at Hubballi and Mysuru. The show hosted several ministers, industry peers, stakeholders, startups and companies that had descended upon the city to promote the region as an emerging start-up hub with a high potential for developing all types of Economic Growth Centres (EGCs) and creative industries. Notably, the event positioned Mangalore as the ideal fintech and IT/ITeS destination and was the stage for the launch of the vital ‘Fintech Task Group’ report.

·       Dr C N Ashwath Narayan, Hon’ble Minister for Electronics, Information Technology, Biotechnology, Science and Technology, Higher Education, Skill Development, Entrepreneurship and Livelihood, Government of Karnataka,  Shri Nalin Kumar Kateel, Lok Sabha Member, Dakshina Kannada, and Sh Vedvyas Kamath, MLA, Mangalore South,  Dr Bharath Shetty, MLA Mangalore North  were the guests for the event. The two-day conference comprised several events, including panel discussions, keynote addresses, fireside chats, a walkathon, CEO networking, and a start-up exhibition that addressed technology and entrepreneurship topics in the context of beyond-Bengaluru clusters. To add numbers of delegates, walkathon participants, start-ups, CEOs, and other attendees.  500+ delegates, 1000+ walkathon participants,200+ CEOs/CXOs, 25+ investors, 25+ startup showcases and the 2 country partners  of the Global Innovation Alliance. CoEs in AVGC, Fintech, Cybersecurity to come up in Mangaluru

Businesses leveraged Technovanza’s platform to display their products and services, while industry leaders shared insights into defining Mangalore as a thriving technological centre. Highlights of the event included:

Mangaluru Blue—an investor start-up pitch session held in association with TiE Bangalore. The meet saw 20 chosen start-ups from the cluster given complimentary showcase booths, with the top 10 pitching to the assembled investors. Finally, the winning start-ups received letters of intent from the investors.

The Women @ Work Conclave (W@W)—focused on how the Mangaluru ecosystem can fuel women’s participation in workforces and featured a W@W talk and a panel discussion on ‘Women in Entrepreneurship’ by women leaders in industry, academic, and social entrepreneurship circles.

CEO Round Table—presided over by Dr Ashwath Narayan, the session engaged essential industry leaders and anchors on the roadmap for the cluster and the ways to achieve tangible, long-term impact.

The Fintech Task Group presented and submitted the roadmap report to the government during this 2-day event. The aim is to make Karnataka the Global Fintech Hub. .

Walkathon—several participants, including the student community, gathered to promote the event’s vision and shed light on the Beyond Bengaluru mission through a 5-km walk led by Dr Ashwath Narayan.

Also in attendance were dignitaries from partners NASSCOM, ASSOCHAM, IESA, CII, Young Indians, CEOL, KCCI, TiE Bangalore, and EVOLVE.

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, spoke about the government’s digital ambitions, saying, “The country is poised to welcome a new era of the ‘Made in India Digital Product and Platform Revolution’ by making full use of our young workforce’s skills. We are innovating rapidly in areas like AI, automation, the Internet of Things, and blockchain and building globally recognised software products in efforts to be compliant with our data-driven, digital-first vision. To further enhance this objective, we need to improve our data management strategies and boost our focus on skilling and reskilling tech talent, especially in the up-and-coming clusters. To that extent, the government is committed to leveraging start-ups in these regions, aiding the talent ecosystem, providing policy benefit outreach to industries, and developing social infrastructure. We are setting up 3 CoEs in this cluster – AVGC, Fintech & Cybersecurity. We’ve identified Mangalore as a prime contributor towards the country’s tech aspirations and will wholly invest in the cluster’s people, ideas, and entrepreneurial spirit.”

Dr E. V. Ramana Reddy, IAS, Additional Chief Secretary, Dept of Electronics, IT BT S&T, Higher Education, Skill Development and Entrepreneurship & Dept of Industries & Commerce, Government of Karnataka, discussed Mangalore’s growing economic stature and ongoing development plans: “Emerging clusters outside Bengaluru, like Mangalore, are exerting more significant influence; we expect a rise in their economic contributions to be around 17% by 2030. Primarily driving Mangalore’s share are the 150 IT companies aggregating an annual export revenue of over INR 3000 crore. The Mangalore Software Technology Parks of India (STPI), alongside the region’s high literacy, entrepreneurship, and low attrition, have been essential to attracting IT/ITES companies. Additionally, the government has undertaken efforts to accelerate the cluster’s growth in other areas. As part of marquee ‘Beyond Bengaluru’ projects, Govt of Karnataka with the support of KDEM has set up a cluster seed fund of INR 25 crore exclusively for start-ups in the Mangalore cluster. The organisation has also initiated cluster-specific funds under the Karnataka Accelerator Network that will lift start-ups and companies to be at par with global incubation and acceleration services standards. We have exciting ideas for the region and look forward to collaborating with our partners to achieve them.”

B.V. Naidu, Chairman of Karnataka Digital Economy Mission, touched upon KDEM’s milestones and Technovanza’s outcomes: “KDEM is focused on developing Mangalore as an attractive trade destination. We have already established over 50 start-ups here through the ‘Beyond Bengaluru Start Up Grid’ initiative, extending legal, financial, marketing-branding, funding, and mentoring assistance to enable their growth. We are also working towards launching the Centre of Excellence in Fintech, which will be a milestone achievement in the region. With proactive industry participation, we expect to position Mangalore as a global fintech hub and connect with companies who want to take advantage of Mangalore’s dynamic environment. In this regard, Technovanza allowed us to assess our current growth, vocalise our plans for the region to the larger industry ecosystem, hear their feedback, and think about a way forward. This shared agenda will benefit our partners and us in identifying problems and solving them so that investors and businesses can easily be set up in Mangalore and strengthen the regional market.”

Sanjeev Gupta, CEO of Karnataka Digital Economy Mission, added, “We’ve identified Mangalore with crucial innovation led by a flourishing talent base and increasing manufacturing and IT activity. Unsurprisingly, the city and its surrounding areas have all the markers of excellence required to sustain a long-term start-up culture. With the proper framework and ideas, we can streamline industries, personnel, and logistics under a joint ecosystem, allowing for comfortable partnerships across large conglomerates and promising start-ups equally. Along with clusters in Mysuru and Hubballi-Dharwad-Belagavi, Mangalore will lead the way in the state’s next phase of digital transformation and tech dominance.”

KDEM works with the Government of Karnataka and helps with its aims in the IT/BT and S&T sectors. The non-profit organisation acts as a link between the government and the various industry members, enabling talks and advising on technology through strategy, planning, and active discourse. KDEM has facilitated various technology proposals and continues to work towards prioritising Karnataka’s digital economy mission.

About Karnataka Digital Economy Mission

Karnataka Digital Economy Mission (KDEM) is a Section 8 organisation designed to function as the knowledge bridge between the Government of Karnataka and the industry ecosystem to accelerate the development of the state’s IT, BT, and S&T sectors. Endeavouring to contribute US$300 billion to the prime minister’s vision of a US$1 trillion digital economy, KDEM plays a critical role in supporting technology investments, uncovering technology opportunities through research, structuring promotional efforts abroad, providing feedback on policy, and forming strategic roadmaps. The organisation’s ‘Beyond Bengaluru’ imitative seeks to maximise the economic potential of emerging cities/regions outside the state capital by enabling their organic growth and inviting investments for start-ups/enterprises. As a result, over 25 companies, including IBM and GlowTouch, have begun functioning in the Mysuru, Mangaluru, and Hubballi clusters, generating employment for more than 5,000 people. Additionally, in measures to create about 10,000 start-ups by 2030, KDEM is working on augmenting the start-up ecosystem in the existing and planned clusters through the ‘Beyond Bengaluru Startup Grid’. The project facilitates access for upcoming start-ups with mentor groups across broad areas like HR, legal, R&D, accounting, and marketing/branding, with more than 300 start-ups already a part of the grid. KDEM, in association with industry partners, is also setting up funds of INR 75 crore for the three clusters to invest in promising tech-based start-ups.

KDEM is enabling future digital jobs across artificial intelligence and cyber security in Mysuru, Hubballi, Mangaluru, Kalaburagi, and Belagavi, with 2,000+ opportunities. It is also spearheading innovation by implementing various specialised Centres of Excellence. KDEM regularly brings together the industry ecosystem through numerous large-scale events, connecting thousands of delegates and prominent speakers. Highlights of these discussions include the signing of multiple MoUs, expressions of interest in start-up investments, and over 500 business meetings. The ‘Beyond Bengaluru’ Investor Connect events specifically have successfully leveraged opportunities in cyber security, ESDM, and AI/VR for Mysuru, fintech for Mangaluru, and agritech, edtech, and Industry 4.0 for Hubballi – Dharward - Belagavi.

Photocaption: Minister Nalin Kumar Katil and Minister Ashwath Narayana along with other dignitaries inaugurating Mangaluru Technovanza 2022.