Exercise launched to improve startup funding by sensitising HNIs
Master Class was held to discuss startup funding and bring HNIs and investment aspirants under one roof to improve startup investment and deal flow
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Visakhapatnam: Startups in Visakhapatnam have launched a significant initiative to bring High Networth Individuals (HNIs) and investment aspirants under one roof to improve funding as part of efforts to strengthen the ecosystem.
AP Startups and DeepTech India in association with SucSEED Innovation Fund organised a Startup Investment Master Class at Tech Hub, Tech Mahindra Campus recently to discuss startup funding and sensitise HNIs and investment aspirants on startup investment and deal flow of startups.
According to PwC, Indian startup funding in 2022 doubled to the pre-pandemic level. With careful due diligence, investment in startups can yield high RoI as several HNIs and investors are evincing interest in investing in startups.
The event is the first step in creating a Group Innovation Fund to invest in deep tech startups. It was organised based on the suggestions of Rajeev Chandrasekhar, Union Minister of State for IT & Skills, who created a Rs 1,000 crore Innovation Fund in Gujarat, Sridhar Kosaraju, chairman, AP Startups and DeepTech India, told Bizz Buzz on Friday.
Among others, Ramesh Loganathan, Vikrant Varshney, both general partners, SucSEED Innovation Fund, Hyderabad, attended. Kosaraju said their objective is to sensitise the HNIs, investors and startup investor aspirants about the startup Investment, create funding access to the startups of Andhra Pradesh, to promote and strengthen the startup Investment ecosystem.
40 HNIs, investors and entrepreneurs attended. AP Startups is created to be a one-stop forum for all startups across AP, Kosaraju, who is founder and CEO of Nimaisoft and State president of the IT Association of Andhra Pradesh (ITAAP), said.
SucSEED Innovation Fund is an angel fund registered with Sebi as Category-I AIF-VC Fund-Angel Fund. SucSEED has been nurturing and funding many deep tech startups across different sectors.
Of 51 lakh people engaged in the IT sector, Andhra Pradesh contributes the highest number in terms of talent pool. According to a conservative estimate, five to seven lakh people who studied in the State are engaged in the IT industry. The share of Andhra Pradesh in the nation’s IT output and exports is only 0.1 per cent. The local IT industry, which is waiting for a big push to make Visakhapatnam a prominent IT hub, sees huge potential in developing it into a major startup city.
The event is the first step in creating a Group Innovation Fund to invest in deep tech startups. It was organised based on the suggestions of Rajeev Chandrasekhar, Union Minister of State for IT & Skills, who created a Rs 1,000 crore Innovation Fund in Gujarat
- Sridhar Kosaraju, chairman, AP Startups and DeepTech India, told Bizz Buzz
