Andhra Angels descend with Rs 100 crore in kitty

HYDERABAD: A new group of venture capitalists and business leaders, Andhra Angels, which is expected to invest over Rs 100 crore in startups over the next few years, is expected to give a fillip to startups in the state. The fund group is expected to take shape over the next six months and plans to enrol nearly 50 investors in the initial phase.

Sateesh Andra, president, Andhra Angels, told 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.

And to provide mentorship to startups, the state will get its chapter of The Indus Entrepreneurs (TiE) that will focus on tech, pharma, life sciences, agri and food processing startups. TiE Amaravati will mentor startups and help them scale their business. They have already enrolled 15 members so far and plans to enrol 40-50 members in the 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,“ said Chitturi, who is also a board member of Tie Amaravati.

The newly-formed group will conduct three flagship conferences in Vijaywada, Vizag and Tirupati and will also have an activity calendar. Along with Wadhwani Foundation, they want to take the startup culture to universities.