BANGALORE: Karnataka has set up a warehouse for start-ups in this tech hub in partnership with IT industry body Nasscom to mentor, nurture and fund technology entrepreneurs, an official said recently.

"The first-ever 'Start-Up Warehouse NextGen' in India has been set up with the state government investing 5 crore to incubate new companies in six months across industry verticals," state IT secretary Srivatsa Krishna told reporters.

Located in Diamond District in the city centre, the 50,000-square feet warehouse can house over 100 start-ups with a dozen employees in each of them.

"It will provide co-working space on pay-per-use daily/weekly basis for entrepreneurs and a well-equipped community events space, an IoT (Internet of Things) lab, a design lab, a mobile experience lab and hotelling office space for investors," Krishna said.

When ready by this year-end, it will be one of the largest multi-disciplinary technology incubation facilities in Asia and the largest across India's top five metros.

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