HYDERABAD: GOVIN Capital Pte Ltd of Singapore has signed a memorandum of understanding (MoU) with Andhra Pradesh government to be a pilot incubator at the incubation facility in Visakhapatnam.

GOVIN Capital intends to incubate 100 startup companies and nurture 1,000 students as first generation technocrat entrepreneurs over the next five years.

The MoU was signed by the officials of Information Technology department of the state government and the Singapore firm in the presence of IT Minister Palle Raghunath Reddy here.

As part of its initiative to promote startup and innovation culture, the state government is developing Sunrise Startup TRIP incubation centre over 50,000 square feet in Visakhapatnam.

The government, through this facility, aims to establish 100 incubators/accelerators and incubate 5,000 startups over next five years.

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