Meenakshi Group sets up USD 10 mn fund for startups

: Meenakshi Group, a city- based IT park developer, Tuesday said it has set up USD 10 million startup fund called "Meenakshi Multiples" to invest in promising startups.

Mahesh Katragadda, director of Meenakshi Group in a press release said they are targeting to invest USD 10 million over the next three years.

"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 six per cent equity in the city-based based co-working venture 'iKeva' for an undisclosed sum.