Andhra Pradesh to start up $14.7m fund

The Indian state’s government hopes to support the local fintech sector through a new fund to be managed by an external firm.

Andhra Pradesh’s government is planning a Rs1bn ($14.7m) fintech startup fund of funds to be managed by an external venture capital firm, according to BGR.

Keen to boost the state’s fintech credentials, special chief secretary JA Chowdary said the new fintech tower should welcome more startups to set up a base in the region, such as online payment system Paytm, by allowing them to do so “almost for free”.

He added an international fintech competition was being planned for October, as well as monthly meetings inviting entrepreneurs to apply for grants of up to Rs500,000.

More immediately, Andhra Pradesh is looking for 100 startups and up to 15 internationally focused companies to be based in the Vizag Fintech Valley, with terms in place with the Monetary Authority of Singapore to support a fintech accelerator, while also seeking support from banking and tech firms.

 

 

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