The state of Andhra Pradesh is expected to receive yet another boost in the startup activity. A new group of VCs and business leaders, Andhra Angels, is expected to invest over $15.38 Mn (INR100 Cr) in startups over the next few years as per an ET report. The VC group is expected to take shape over the next six months and plans to enrol nearly 50 investors in the initial phase. Also, the Board of Trustees of TiE (The Indus Entrepreneurs) Inc has approved the formation of TiE Amaravati Chapter.
As per Suresh Chitturi, Managing Director, Srinivasa Farms and Director of Andhra Angels, the idea behind the group is to give a boost to the startup activity in the state.
Along With Andhra Angels, The State To Get TiE Amaravati Chapter
Additionally, to provide mentorship to startups, the state will also 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 businesses. In this regard, TiE Amaravati has already enrolled 15 members so far and plans to enrol 40-50 members in the first two years along with several hundred Associate and Student Members in the first year. With the approval from TiE Global in place, TiE Amaravati is expected to have a formal launch early next month in Amaravati.
Chitturi, who is also a board member of TiE Amaravati added, “An organisation like The Indus Entrepreneurs (TiE) is the need of the hour to foster Entrepreneurship in the new State of Andhra Pradesh. A large number of successful entrepreneurs/operating executives are keen and dedicated to the virtuous cycle of wealth creation and giving back to the community. TiE Amaravati chapter is a perfect platform for contribution and realizing their goals.”
The newly-formed group will also conduct three flagship conferences in Vijaywada, Vizag and Tirupati and along with Wadhwani Foundation, TiE Amaravati also plans to take the startup culture to universities.
Founding members of TiE Amaravati includes Srini Raju, Co-founder Peepul Capital and Chairman SriCity; J A Chowdary, Special Chief Secretary and IT Advisor to Honorable CM, Andhra Pradesh; Ramesh Byrapaneni, Managing Director, Endiya Partners among others. Anudeep Chappa, an alumnus of DAIICT and IIM Lucknow, has assumed a full-time role in the TiE Amaravati secretariat.