Hyderabad is gradually becoming a hub for startups due to increasing opportunities for serial entrepreneurs and investors to participate in the growth opportunity of the country.
50K Network, a part of 50K Ventures, founded in 2014 by Sanjay Enishetty and Vineel Nalla, is a network of high net worth individuals, accredited investors, and accomplished mentors has announced its launch in Hyderabad. The sector agnostic fund is looking to fund idea and early stage startups. It aims at investing in at-least 1 startup a month. The venture has claimed that any investment will have an average bracket of $40k to $156k (INR 25 lakh to INR 1 Cr.).
Vineel Nalla, Founder, 50K Ventures said, “With the motive of fuelling the growth of the organizations of tomorrow and creating a space for the leaders of the future, 50K Network is collectively working with a lot of HNIs, serial entrepreneurs and mentors to seed, nurture and accelerate early stage companies.”
50K Network serves to those who participate and contribute their share to the startup ecosystem in regards of funding, mentoring, and providing strategic support for the growth and development of the startups. The fund has already backed Hyderabad-based Violet Street and Zify. The company also had soft-launch in Mumbai and will be officially launching in July.
The board of 50K Network includes stalwarts from different walks of life whose expertise lies in their experiences and success stories. The event would be graced by the board members – Phanindra Sama, Co-founder, redBus.in, Sanjay Jesrani, former CFO, Hitachi Consulting Services, Srinivas Kollipara, COO, IIIT-CIE, and other distinguished people like Brijesh Chandwani, Founder, Beam Telecom Private Limited, Venkat Vallabhaneni, Founder, Parampara Capital, Sridhar Pinnapureddy, CEO, CtrlS Datacenters Ltd., and many more.
Recently number of Hyderabad-based startups have managed to raise funds, Ignis Careers, edtech startup raised $250K from Acumen Fund, another startup, Standard of Excellence in Education and Development (SEED) raised $650K from social venture capital investor, Acumen Fund.
Progress incubator had launched in Hyderabad last year in september. This month, Hyderabad is gearing up to celebrate art and entrepreneurship and will be hosting August Fest on 30-31st August; with more than 1500 amazing entrepreneurs, filmmakers, photographers, designers etc. in partnership with TiE (The indus Enterprises), NASSCOM 10,000 Start-ups and Progress Softwares.