Meenakshi Group Established $10 Million Meenakshi Multiples Startup-up Fund
Meenakshi Group, India’s leading IT Park developers has promulgated the establishment of $10 million Startup-up fund ‘Meenakshi Multiples’ to endow promising startups. This Startup Fund was established with the intension to encourage new-age businesses, processes, and technology ventures, and render new strategic capabilities. Introducing the fund Mahesh Katragadda, Director, Meenakshi Group asserted, “Over the next three years, our target is to invest around $10 million through our new startup Fund. We’re going to look at startups solving very specific problems, with potential to scale in the future.”
‘Meenakshi Multiples’ will do its first investment (pick up six percent equity) for Hyderabad based co-working venture iKeva. Announcing the first invested Mahesh stated, “Co-working space is interesting. It’s probably got a lot of attention recently, but what we like to seek out is the startup abilities such as iKeva to create the real value, and solve real specific wants or problems for customers.” “We chose to invest in iKeva because of their ethos on building a sustainable business model, with the single focus on Customers and Service Delivery, which they have demonstrated consistently and have systems in place to ensure continuity,” he further added.
Apart from this, the group has made investments in a few other startups but the amount is not disclosed yet. However, Meenakshi Multiples is looking to make more investments of any sizes within its overall fund target. On the other hand, to grasp business opportunities, this Startup fund has already appointed a dedicated investment team consisting of finance, legal professionals and analysts. “The investment team will take up due diligence of startups including scaled-up businesses. Proptech and co-working hold a lot of promise, and is worth exploring among the scaled-up new-age businesses,” Mahesh asserted.
Since Inception, the Hyderabad-based Meenakshi Group has formulated more than 12 million sq. ft. commercial/ residential spaces, completed 200 Kms road/highways (highway section), produced 11,500 million units electricity (power projects). Last year, the group has celebrated its 25 years of existence.
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