Hyderabad start-ups to get $10 million investments
Reaping benefits of the Chief Minister’s Singapore visit, the start-up community in Hyderabad is expected to get $10 million investments, said IT secretary Harpreet Singh.
Speaking on the sidelines of the startup festival, The August Fest, Mr Singh said, “Singapore-based fund manager Ananda Ramakrishnan, who announced a million-dollar investment, had said that the companies in his country are interested in investing with the start-ups in Hyderabad.”
However, they are skeptical about the culture relating to the clearances,” Mr Singh added.
“Many of them have already invested with the city start-ups”, said Mr Singh.
Mr Singh said that most start-ups face difficulty in the initial stages conceiving the idea, making a pilot project and finally moving to the execution. This is where the government plans to support them by giving incubator support, training,help in getting seed funding and providing mentorship.
Charting out the plan of the government, Mr Singh said, “Initially, the T-Hub will function in an 80,000 sft area on the IIIT-H campus. It will later shift to a new campus with 3 lakh sft near Kokaputa.”
He said that ISB, IIIT-H, NALSAR have come together for the development of the incubator, while Cisco, Microsoft and other industries have expressed their interest in supporting the initiative.
He also announced the creation of a governing body, with members from both the government and the industries. The August Fest saw the creator of Chota Bheem, Rajiv Chilka, share his success story with the audience.