Visakhapatnam: To sort out the seed funding hiccups being faced by startups, the Andhra Pradesh IT department has created a special fund of Rs 100 crore and would add up another Rs 400 crore to it with the help of private players and investors. The IT department is also planning to form a use-case repository.
This was revealed by J.A. Chowdary, advisor IT and special chief secretary to Mr Naidu, during a panel discussion at the Fintech Spring Conference when the questions regarding the government’s role in funding the startups and dearth of funding came up. The guests, especially venture capitalists, investors and others hailing from various banking and IT sectors, also expressed concern over the challenges of identification of promising startups and suggested the IT department to create a platform like Start-up Stock Exchange.
The Fintech valley launched recently in the IT SEZ has already housed some startups and is looking out for promising ones.
Mr Chowdary said a special team with the experts from financial technologies will screen the applicants.
