Three entrepreneurs, two of them of Andhra origin from the US, on Tuesday announced the establishment of an investment company "� Andhra Pradesh Investment Fund "� with a corpus of $7 million (around Rs 28 crore). | |
| With focus on startups in the state, the company would look at investing in companies in sectors like IT, biotechnology and similar knowledge-based services with a three-year exit option, according to Venkatesh Tadinada, one of the promoters of the fund. |
| |
| The fund would be created in two phases "� $2 million (Rs 8 crore) this year and the rest next year. Phase-I is expected to be closed by August this year, he said. |
| |
| Announcing this here today, Venkatesh said that the new company was already reviewing the investment prospects with regard to four entities in the state. |
| |
| The investment fund is proposed to be raised through an investment club where investors are offered to contribute amounts ranging from $25,000 (Rs 10 lakh) to $1 lakh (Rs 40 lakh), which would form part of the corpus. |
| |
|
| |
