Tuesday, January 30, 2024

Karnataka’s KITVEN Launches Pioneering Rs. 20 Crore Venture Capital Fund For AVGC Sector

* Karnataka is the first state in India to have a dedicated AVGC Policy Since2012 and the only state in the country to launch a policy for a third period.

Investments sectors will be in the areas of early sector, SME’s engaged in Animation, Visual Effects, Gaming and comics with an investment size between Rs. 0.50 cr to Rs 2 cr per startup

Start-ups can apply for funds at: http://www.kitven.in/

In a groundbreaking move, Karnataka Information Technology Venture Capital Fund (KITVEN) has unveiled a dedicated Venture Capital (VC) fund of Rs. 20 crores for the Animation, VFX, Gaming, and Comics (AVGC) sector during a session at the Fifth Edition of Bengaluru GAFX, 2024. Shri P V Harikrishnan, CEO of Karnataka Information Technology Venture Capital (KITVEN) Fund, made the announcement during the "Investor Speak - Strategies for Staying Relevant and Resilient in the Indian Gaming Startup Ecosystem" panel. This pioneering initiative, under the Department of IT, Bt & ST, Government of Karnataka, is designed to invest in companies within the state contributing to Animation, Visual Effects, Gaming, and Comics.

Srivastav, Secretary General at the Skill Online Games Institute said “Karnataka has always been a pioneer and with this launch the state has become the first in India to set-up a fund to encourage the AVGC sector. This is a recognition of the potential in the AVGC sector and especially the enormous potential of online games for innovation and employment generation. Students and aspirants in the AVGC sector can make use of this opportunity to make their start-up dreams a reality!”

Attending the session at Bengaluru GAFX2024, Mr. Kislay Shashwat, Principal VC at Lumikai, expressed his appreciation for the Government of Karnataka's active role in nurturing the AVGC sector. He stated, "The launch of the KITVEN Fund-4 AVGC represents a significant step towards fostering innovation and development in this field. This initiative not only highlights the government's commitment but also paves the way for potential growth and advancement in the sector."

Vivek Ramachandran, a VC from Matrix Partners and visiting faculty at the National Institute of Design said, “I welcome the move and encouraged aspiring students and ideators to utilize this opportunity to pursue their startup dreams.”

The KITVEN Fund-4 (AVGC) is poised to play a transformative role in supporting startups and fostering innovation in Animation, Visual Effects, Gaming, and Comics, further solidifying Karnataka's position as a leader in the AVGC sector. Investments in firms will be in the form of equity, preferred capital (convertible/redeemable), debentures, or a combination, following the rules published by the Securities and Exchange Board of India (SEBI). The fund considers shorter time frames while maintaining a normal investment horizon of three to five years.

Photo Caption: Dr M C Sudhakar, Hon’ble Minister for Higher Education, Govt. of Karnataka addressing the audience as a keynote speaker at a Panel Discussion on “The Future of Education for AVGC” at the Day 2 of the Bengaluru GAFX 2024 today at The Lalit Ashok, Bengaluru.

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