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$10-million boost to startups
Meenakshi Group, one of Indias leading IT Park developers, Tuesday announced the creation of 10million startup fund called Meenakshi Multiples to invest in promising startupsMahesh Katragadda, Director of Meenakshi Group, announced that over the next three years, they will invest around 10 million through the new startup fund
Madhapur: Meenakshi Group, one of India's leading IT Park developers, Tuesday announced the creation of $10-million startup fund called "Meenakshi Multiples" to invest in promising startups.Mahesh Katragadda, Director of Meenakshi Group, announced that over the next three years, they will invest around $10 million through the new startup fund.
"We're going to look at startups solving very specific problems, with potential to scale in the future," he said.Meenakshi Multiples announced its first investment by picking up a 6 per cent equity in Hyderabad-based co-working venture iKeva for an undisclosed sum. iKeva website (www.ikeva.com) provides workspace with community and member benefits. It gives access a vibrant work environment. Users can plug into a community of high energy teams and discover limitless benefits.
Its office space solutions are currently located in Banjara Hills, the city’s central business district, and in Hi-Tec City which is reckoned as the technology hub. It claims its facilities have the best of both worlds, a business center as well as a flexible plug and play office. iKeva has identified Hyderabad as one of the metropolitan cities that has a need for an office support and facility management solutions.
Hyderabadis have developed a diverse ‘bazaar’ culture that has created a great environment to encourage trade and business."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," said Mahesh.
To tap business opportunities, Meenakshi Multiples has in place a dedicated investment team comprising finance and legal professionals along with analysts. The group has already made investments in a few startups.The 25-year-old group having interests in real estate, power, highway, EPC projects and property management has so far developed over 12 million square foot of commercial and residential space.
