Hyderabad: Naya Ventures, an early-stage venture capital firm focused mainly on US and India-based companies has tied up with the Hyderabad-based real estate company Western Constructions to develop what is called ‘Dallas Center’ at Raidurg.
The centre will primarily house portfolio companies of Naya Ventures, which already have about 200 employees at present. Non-portfolio companies will also be given opportunity to be part of it. Companies that operate in the space of machine learning, artificial intelligence, internet of things, augmented and virtual reality (AR and VR) will get access to go global.
Dayakar Puskoor, managing director, Naya Ventures, told Telangana Today, “Several startups that will have a team size of about 10-20 employees will operate from this centre. This ground plus 15 floor building will dedicate four floors for accelerators that will help the startups scale up. Several US-based companies (mostly from Dalls) that are in the growth stage will also operate from the building. There will be teams that will help budding enterprises with human resource and marketing support.
Telangana Industries and IT Minister K T Rama Rao broke ground on the project that is likely to be completed in two years from now. Speaking on the occasion, KTR said, global companies are looking at Hyderabad for their expansion. With talent availability and suitable ecosystem for the industry for both large size companies and startups, the city is becoming a key investment destination. Through TS-iPASS and T-Hub, the State has sent its signals that its policies are industry friendly.
“We are making all efforts that new industries come and more infrastructure is created for the industry to establish base. We are also going to come out with a strategic road development plan by next summer to strengthen Hyderabad’s road infrastructure,” he said.
Naya Ventures acquired 1.5 acres land for this project in an open auction for Rs 45 crore. The centre will have a built up space of 4,00,000 sq ft. Including the investment that has gone into the land, the venture will invest Rs 200 crore in total in the project, Puskoor informed.
The project will be part funded by both Naya Ventured and Western Constructions. Naya Ventures plans to replicate the Dallas Center model by coming out with District Columbia (DC) and New York centres in future wherein IT giants from these regions can set up their operations in these centres.
The investment firm which has funded 17 startups last year is looking at funding in the ticket size of $0.5 million to $3 million. The company tasted success with its first fund launched last year and is gearing up to announced a second fund by the end of this year. It has funded companies in the Cloud, IoT, Big Data space besides other vibrant technologies as part of the last funding and will fund in artificial intelligence, machine learning and AR/VR space.