Karnataka IT-BT minister Priyank Kharge on August 19 said that the state remains a frontrunner in the AVGC sector.
"Our initiatives, including the Karnataka Information Technology Venture Capital Fund (KITVEN Fund 4), which aims to support startups and SMEs in the AVGC-XR sector, are designed to establish Karnataka as a global hub for AVGC," said Kharge.
The Karnataka government along with the Association of Bangalore Animation Industry (ABAI), is organizing Bengaluru GAFX.
Kharge unveiled the theme and poster of Bengaluru GAFX, a three-day event on animation, visual effects, gaming, and comics, scheduled for February 27 to March 1, 2025. The theme for this year is "GAFX 2025 - Imagination Next."
Kharge said that the IT-BT department is committed in equipping the workforce with the necessary skills through the establishment of a Skill Advisory Council on emerging technologies, which includes experts from industry, academia, and government.
“We are planning an AVGC-XR Park and Gaming Center of Excellence (CoE), which will serve as the epicenter for innovation, research, and development in the gaming sector. The CoE will offer incubation support, mentorship, common instrumentation facilities, virtual production houses, and will host regular events like hackathons, game jams, and industry conferences,” he said.
“The state's 20% market share is driven by around 300 specialised AVGC-XR studios employing around 15,000 professionals. To boost the AVGC-XR sector, KITVEN Fund-4, with a fund size of Rs 20 crore, is dedicated to investing in startups and SMEs in the sector. The funding ranges from Rs 50 lakh to Rs 1 crore per company initially, with follow-on investments of up to Rs 2 crore,” Kharge added.
Ekroop Caur, IT-BT secretary, said, “The global market for animation and visual effects is anticipated to reach around $282.3 billion by FY 2026, while the gaming market is expected to expand to $314.4 billion. Karnataka is set to play a significant role in this expansion, contributing to India's growing AVGC sector."
Biren Ghose, president of ABAI said, “Bengaluru GAFX 2025 will continue the leadership that Karnataka has provided in scaling India’s animation, gaming, and VFX businesses to global prominence.”
Speaking at the event, Sharath Bachegowda, chairman of KEONICS, said, “The Beyond Bengaluru initiative aims to proliferate digital economy growth in clusters beyond Bangalore, such as Hubballi- Dharwad- Belagavi, Mysuru, and Mangaluru. Each cluster focuses on specialised domains, with Mysuru emerging as a cybersecurity hub, Mangaluru excelling in fintech, and Hubballi - Dharwad-Belagavi becoming a center for AI, ML, IoT, and advanced manufacturing.”
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
