Andhra Pradesh, Sidbi to set up 'angel fund' for startups

New Delhi: In a big move to encourage deep-tech startups, the Andhra Pradesh government is set to create an "angel fund" to help startups in AI, deep tech, electronics, quantum technologies and advanced manufacturing.

The state is launching a dedicated seed fund, in collaboration with Small Industries Development Bank of India (Sidbi), for emerging technology startups through the Ratan Tata Innovation Hub (RTIH). Electronics and IT minister Nara Lokesh told ET, "Through RTIH and with Sidbi, we are building a platform that gives deep-tech startups access to capital, real-world use cases and the ecosystem needed to scale globally." The RTIH is expected to play a key role in sectors aligned with the state's larger economic strategy, including AI, electronics manufacturing, clean energy, and quantum technologies.