Meenakshi Group sets up $10-m start-up fund, invests in iKeva.

Meenakshi Group, a diversified player based in Hyderabad, has announced the creation of a $10-million fund, ‘Meenakshi Multiples’, to invest in promising start-ups.

Mahesh Katragadda, Director, Meenakshi Group, said, “Over the next three years, our target is to invest around $10 million through our start-up fund. We are going to look at start-ups solving very specific problems, with the potential to scale up.”

‘Meenakshi Multiples’ announced its first investment by picking up a six per cent equity in Hyderabad-based co-working venture ‘iKeva’ for an undisclosed sum.

Mahesh said, “Co-working space is interesting. It has got a lot of attention recently, but what we like to seek out is the abilities of start-ups such as iKeva to create real value, and solve specific wants or problems for customers.”

“We chose to invest in iKeva because of their ethos on building a sustainable business model, with focus on customers and service delivery, which they have demonstrated consistently and have systems in place to ensure continuity,” Mahesh added.

To tap business opportunities, Meenakshi Multiples has a dedicated investment team. “The investment team will take up due diligence of start-ups, including scaled-up businesses. Proptech and co-working hold a lot of promise and is worth exploring among the scaled-up new-age businesses,” Mahesh stated.

The 25-year-old Meenakshi Group has developed over 12 million sq ft of commercial and residential space. The group holds a portfolio of 400 MW hydro projects in various stages of execution. The highway division of the group has so far completed 200 km of road and highway projects.

HBL