<article>Hyderabad-based real estate and infrastructure developer Meenakshi Group has floated a $10-million startup fund called Meenakshi Multiples, which has already made its first investment by acquiring 6 per cent equity in co-working venture iKeva.</article>

Hyderabad-based real estate and infrastructure developer Meenakshi Group has floated a $10-million startup fund called Meenakshi Multiples, which has already made its first investment by acquiring 6 per cent equity in co-working venture iKeva.
&#8220;Co-working space is interesting. It’s probably got a lot of attention recently, but what we like to seek out is the startup abilities such as iKeva to create the real value, and solve real specific wants or problems for customers,&#8221; said Mahesh Katragadda, Director of Meenakshi Group.
“The investment team will take up due diligence of startups including scaled-up businesses. Proptech and co-working hold a lot of promise, and is worth exploring among the scaled-up new-age businesses,” he added.
The 25-year-old conglomerate operates three units &#8211; property development, infrastructure development and power generation. Meenakshi Group has developed over 12 million sq ft of commercial and residential space. Its power projects produced 11,500 million units of electricity and the company holds a portfolio of 400 MW hydro projects in various stages of execution. The highway division of the group completed 200 km of road and highway projects so far.
In its statement, the company said the stage and size-agnostic fund was set up to encourage new-age businesses, processes, and technology ventures, and providing new strategic capabilities.
“Over the next three years, our target is to invest around $10 million through our new startup Fund. We’re going to look at startups solving very specific problems, with potential to scale in the future,&#8221; said Katragadda.
Last month Kerala-based conglomerate Samana Global Business Solutions Ltd launched its maiden Category II Alternative Investment Fund with a target corpus of Rs 4,000 crore ($560 million).
More recently, Bengaluru-based SmartOwner Services India Pvt. Ltd, a real estate marketplace for investors, launched a real-estate private equity fund with a target size of Rs 500 crore ($71 million) and a greenshoe option of Rs 500 crore.
Co-working or shared working spaces have picked up momentum in the last two years. Apart from the Embassy Group’s investment in WeWork India, RMZ has set up Cowrks. Last month, it was reported that Ascendas-Singbridge was also planning to launch in India its ‘thebridge’ co-working space brand, which was launched in Singapore in 2017.
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<a href="https://www.dealstreetasia.com/stories/smartowner-pe-fund-116822/" target="_blank" rel="noopener">India: Real estate marketplace SmartOwner launches $70m PE fund</a>

Hyderabad-based real estate and infrastructure developer Meenakshi Group has floated a $10 million startup fund called ‘Meenakshi Multiples’.

Meenakshi Group launches $10m startup fund

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