Andhra Pradesh

FundPitch to cater to SMEs

Three firms decide to launch operations at Fintech Valley

While Bodhtree Consulting Limited will launch its operations in the Fintech Valley-Vizag within a few days, two other companies Lycos Internet Ltd (erstwhile Ybrant Digitals) and Kissht will also invest in the city.

The three companies have given the commitment to start their operations in Fintech Valley-Vizag with a total job opportunity for 600. The assurance was given to IT, Rural Development and Panchayat Raj Minister Nara Lokesh when senior officials from the companies called on him.

Bodhtree Consulting Limited managing director L.N. Rama Krishna Bodhtree said the leading global IT consulting and software service provider would start GST building financial technology service delivery platform for providing GST Suvidha Provider (GSP) services and cater to the needs of Andhra Pradesh.

Besides Bodhtree, its subsidiary FundPitch would also facilitate funding for SMEs — a long needed requirement for innovative entrepreneurs in Andhra Pradesh — J.A. Chowdary, Special Chief Secretary and IT Advisor to Chief Minister, told The Hindu.

Bodhtree has big plans for the city by scaling up initial manpower at its centre from 200 to 1,000 depending on the requirement.

Lycos CEO Suresh Reddy informed the State government that he was impressed with the efforts to transform Visakhapatnam into a fintech hub. Kissht, a well-funded fintech company, through its India partners will raise venture capital funding for technology-based companies.

Kissht offers several innovative services including shopping on EMI without using any card. It will set up a development centre. All the three firms will formally sign MoUs with the government on their investment plans.

The Fintech Valley-Vizag was set up by AP Electronics and IT Agency, an initiative of the State government, for creating a self-sustainable, global fintech ecosystem that focusses on converging finance and technology, to create large avenues of growth. One can visit http://www.fintech valleyvizag.com for more information or interact on Facebook, Twitter, Instagram and YouTube at #FintechValleyVizag.

Fintech Valley-Vizag at present has nine firms functioning and 15 proposals in the pipeline.

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Printable version | May 24, 2020 12:54:50 AM | https://www.thehindu.com/news/national/andhra-pradesh/fundpitch-to-cater-to-smes/article19898139.ece

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