Meenakshi Group, Hyderabad based leading IT Park developers, has announced the creation of $10-million (approximately Rs 71.3 crore) 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.
Mahesh Katragadda, director, Meenakshi Group said, “Over the next three years, our target is to invest around $10 million through our new startup fund. We are going to look at startups solving very specific problems, with the potential to scale in the future.”
Meenakshi Multiples announced its first investment by picking up a 6 percent equity in Hyderabad-based co-working venture iKeva for an undisclosed sum.”We chose to invest in iKeva because 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 Katragadda.
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.Meenakshi Group was started in 1992, it serves in the domains of IT Parks, Residential Projects, Power, Highways, and Infrastructure with utmost commitment.
So far Meenakshi Group has constructed over 12 million sft of quality spaces for Global and Domestic clients. Over 11,500 million units of electricity have been produced from the Power Projects built by them.