Vizag Fintech Valley - the new address for AP's Start-up Hub

Vizag Fintech Valley - the new address for AP's Start-up Hub

Posted by P. Charitha on December 20th 2016

Hill No-2 & 3, Fin Tech Valley , Madhurawada IT SEZ, Visakhapatnam ! This probably is the address for the new start-up hub developing in the State of Andhra Pradesh...

The Govt. of Andhra Pradesh in lines with its new Innovation & Start-up Policy Agenda for 2014-2020, which aims to make AP a world-class technology start-up ecosystem, has come up with several initiatives to achieve this ambitious target and the port city of Visakhapatnam seems to be the destination for these initiatives.

NASSCOM Start-Up Warehouse 
It has already partnered with NASSCOM to set up the NASSCOM Start-Up Warehouse where technology entrepreneurs with innovative ideas will be nurtured, mentored as well as funded by VCs. 
Start-ups like CyberCubes, Milon Studios, The Corporate World, Titanisu, TourOra are already operational where  the Warehouse will provide a co-working space for start-ups to be housed for a 6 month incubation term, co-working space for entrepreneurs to use on daily/weekly basis and a well-equipped community events space available for meetings & workshops. 
 
Fintech companies including PAYtm opening shop
Andhra Pradesh government's latest efforts at creating a 'Fintech Valley' in the FinTech Tower will have a built-up space of about one Lakh square feet. The CM, Mr. Chandrababu Naidu inaugurated the Fintech Tower at Hill No.2, IT SEZ Madhurawada on 17th  of December 2016. This huge construction is going to host firms like Paytm, GMS solutions & a couple of other fintech companies   like Block Trust, GMS Solutions, Knolskape and Transaction Analysts.
 
U K based HyperCat launches operations in Vizag 
In a big boost to efforts to improve the startup ecosystem, the U.K.-based consortium, HyperCat, has launched its operations in Visakhapatnam. HyperCat entered into an agreement with Silicon Coast Foundation, a registered not-for-profit organisation managing Startup Moksha at Rushikonda IT SEZ, to manage HyperCat incubator in India, with offices in Hyderabad and Visakhapatnam.
 
IT Incubation Centre
AP government has decided to create an ecosystem for fintech and other emerging technologies including digital banking, financial analytics, cyber security and blockchain technologies.An MoU was signed in February 2016 for setting up an IT incubation centre at Siripuram Junction in Vizag jointly by the Visakhapatnam Urban Development Authority (VUDA) and the Software Technology Park of India (STPI) at a total cost of Rs. 62.70 crore spread over 12 acres. The IT incubation centre expected to be ready by April 2018 & is projected to provide jobs to more than 2,500 people.

The Technology Research and Innovation Park – Sunrise Start-up
The Technology Research and Innovation Park – Sunrise Start-up  which is powered by the AP Government and the Start-up Village aims to  encourage creative minds and create a start-up eco-system.
In the first phase, 17,000 square feet is going to be thrown open for industries at the Sunrise Start-up on Hill 3 in Rushikonda IT Park. As of now 4 companies have been allocated space in the incubation area and another 10 companies have been allocated space in the Incubation Centre which include Trigeo Technologies Pvt Ltd, Tessolve, Avvas Infotech Pvt Ltd, Sinofic, Logic Planet, Lampex Electronics Ltd, Naina Power Pvt Ltd, Inspired IT Solutions Ltd, Epace Tecnologies and Objectone Information System.
 
Other initiatives
In line with its ambitious plans, the government is bringing the CEOs of 50 top global financial services companies, including Franklin Templeton, Visa and HSBC to showcase the city at the launch of the new initiative.
 
AP government will also be signing MoUs with 20 industry and academic organisations, some from outside India, for the purpose of establishing the Labs and the centres of excellence in each of these technology areas at Fintech Towers.
 
Several institutions including GMS Global, ANSR Consulting, Value Labs, HSBC, GITAM University, Nobel Institute of Technologies, Anantha Lakshmi Institute of Technologies, Gayatri and Bullayya Colleges signed MoUs with the AP government to set up shop.

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