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.
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.”
