India- Rs 100 cr innovation fund for startups in Andhra Prad...| MENAFN.COM

Monday, 24 January 2022 08:23 GMT

India- Rs 100 cr innovation fund for startups in Andhra Pradesh

(MENAFN- KNN India) Andhra Pradesh government will soon launch Rs 100 crore state innovation fund targeting to incubate 500 startups by this December.

State adviser (e-governance, electronics and IT) J Satyanarayana said draft guidelines will be endorsed in a week and innovation fund will be launched during this year.

As a part of the state innovation and startup policy launched in August 2014, the government will reimburse to the incubator or the investor 15 per cent of the seed capital infused into a start-up based out of the state, he said.

He informed that the state currently has 107 startups in incubation infrastructure at Vizag, Kakinada, Tirupathi and Ananthapur and the government is creating 300,000 sft of additional space in the vicinity of the Vizag Startup Village, which should be ready sometime next year.

In association with major corporate houses, the state government is also planning to come up with seven centres of excellence (CoEs) to nurture the startup ecosystem, he said. (KNN Bureau)

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