Startups in Andhra Pradesh to receive INR 100 crore investment
The fund group is expected to materialise in the coming six months and intends to rope in about 50 investors in its initial phase.
The president of Andhra Angels, Sateesh Andra informed reporters,"We plan to rope in 50 investors in six months and will be taking it to 100 in the next phase. As per industry trend, each investor might invest close to Rs 1 crore or more in startups in 1-2 years and help improve the startup culture".
"We wanted to give a boost to the startup activity in Andhra and hence, we planned to establish Andhra Angels," said Suresh Chitturi, managing director, Srinivasa Farms and director of Andhra Angels.
To offer mentor ship to startups, the state will also facilitate the chapter of The Indus Entrepreneurs (TiE) which will focus on tech, pharma, agri, life sciences and food processing statups.
TiE Amaravati will guide startups and will also help them in scaling their business. It already has a team of 15 members till date and plans to enroll 40-50 new members in its first two years.
"At TiE Amaravati, we will look at facilitation of funding and will partner with other educational institutions and industry bodies like Nasscom," added Chitturi.
The group will also organise three major conferences in the cities of Vijaywada, Vizag and Tirupati along with an activity calendar.
Recently the state's minister for IT, Nara Lokes has asked the state officials to help young professionals in setting up their startups.
The minister made the announcement in a review meeting with the members of the AP Innovation Society as well as officials of IT department.
The APIS representatives also informed the minister that the office space is being provided to the Drone Incubation Center as it has commenced its operations and the first drone will be unveiled by January 15, 2018.
The APIS also highlighted to the minister about other states charging INR 3000 to INR 5000 per chair in the incubator to which Lokesh asked the officials to not charge any amount on startups.
"The policy should be encouraging to the youth to stand up on their feet, but at the same time care should be taken to help only those who are serious and committed for entrepreneurship. Chance in the incubators should be given only after thorough screening. The target should be at least one billion dollar company be developed from APIS Incubators," said Lokesh.
"In the first phase, tinkering labs should be started in 80 engineering colleges. Action plan should be prepared to conduct 12 hackathons in 12 months. Setting up of Smart City Innovation Laboratory should be sped up," added Lokesh.