Telangana to Launch Rs 1,000 Cr Startup Fund

Hyderabad, Dec 10 (PTI) Telangana Chief Minister A Revanth Reddy on Wednesday said his government is establishing a Rs 1,000 crore fund of funds to support startups.


Speaking at the launch of Google for Startups Hub in partnership with the Telangana government here, he said the vision is for Hyderabad to become a hub not just for startups, but for unicorns.


He set a target of at least 100 startups from Hyderabad to achieve unicorn status (means companies worth at least USD one billion).


"Today, the Government of Telangana and Google are coming together to create a support system for you. My government is creating Rs 1,000 crore startup fund of funds. Use these funds and become the next Google," he said.


"Only one suggestion is that you have to become one more Google from Hyderabad, Telangana or at least a USD billion company," Reddy said.


The state government organised Telangana Rising 2047 Global Summit during the last two days where it shared its vision to become a USD one trillion economy by 2034 and USD three trillion economy by 2047, Reddy said.


Citing the examples of tech giants like Google, Apple, Amazon and others, he said they were startups less than 15-20 years ago. Such companies are great examples for startups.


Many startups in Hyderabad in software, pharma and life sciences sectors became big companies during the last 25 years, he added.


State IT Minister D Sridhar Babu and other dignitaries attended the event.