100 startups from Hyderabad must become unicorns, says CM Revanth; Rs 1,000 crore push for innovators

Hyderabad: Incubation centres will be set up at every government university in Telangana, said IT and Industries Minister Duddilla Sridhar Babu. The Minister said that the government is planning to allocate Rs 1,000 crore in funds for early innovators and emerging startups.

The Minister said that the move is intended to decentralise innovation and empower student entrepreneurs.

'10 super unicorns from Hyderabad by 2034'

The announcement came during the inauguration of the ‘Google for Startups Hub’ (GfS) at T-Hub, an event attended by Chief Minister A Revanth Reddy. The initiative aims to bridge the gap between academic research and commercial entrepreneurship to bring Hyderabad’s startup ecosystem success to the rest of the state.

The Chief Minister said he wants Hyderabad to become a hub not just for startups but also for unicorns. “At least 100 startups from Hyderabad must become unicorns, and at least 10 of them super unicorns, by 2034.”

Startups as economic engines

Minister Sridhar Babu emphasised that the new university-based hubs will be modelled after world-class facilities like the Telangana AI Innovation Hub and the Life Sciences ONE Hub. The goal is to transform universities from purely educational institutions into engines of economic growth.

“We do not view startups merely as small enterprises,” the Minister stated. “We see them as economic engines capable of solving societal challenges and generating new employment opportunities.”

A surge in funding and diversity

The Minister highlighted a period of explosive growth for the state’s tech sector. Data from 2024 reveals a significant upward trajectory:

1. Total Funding: Telangana startups raised $571 million in 2024, a staggering 160 per cent increase compared to the previous year.

2. HealthTech Boom: The HealthTech sector led the charge with a 2,139 per cent rise in investment.

3. Women in Tech: Hyderabad has climbed to sixth place in India for women-led startups. Currently, 531 women-led enterprises have raised a total of $417 million.

Rs 1,000-crore fund

To ensure that ‘new ideas never lack resources,’ the Minister announced that the State government is moving to operationalise a Rs 1,000-crore ‘Fund of Funds’. This dedicated capital is intended to provide critical financial support to early-stage startups and emerging innovators.

By treating technology as an ‘instrument of equality,’ the government aims to ensure that the benefits of the digital economy reach every citizen, regardless of their location or background. The establishment of university incubators will mark a significant step towards this direction of a global innovation hub.

CM Revanth Reddy urged the startup founders to make use of the Rs 1,000 crore startup fund of funds the government is creating.

With the GfS launch, he said, the government and Google came together to create the support system for startups. “We will work together to create a winning ecosystem.”