The Ramky Group today announced its new non-profit venture that seeks to develop entrepreneurs holding, guiding and possibly provide seed funding during their growth path.
The Hyderabad-based diversified group, which is into real estate, infrastructure, pharmaceuticals, environment protection solutions and services, now plans to support and nurture aspirants through seed capital funding and necessary guidance, according to Mr Ayodhya Rami Reddy, Chairman of Ramky Group.
Addressing a gathering of budding entrepreneurs, Mr Reddy said that some of the corporate entities such as IL&FS, IFCI, Shriram Group and few others have also evinced interest in being part of this initiative.
Narrating his own experience and the early days of the Ramky Group set up about 15 years ago, Mr Reddy said that he had to run from pillar to post even to secure basis support or advice. It was even tougher to get bank guarantees for new projects let alone private equity funding and debt from banks who were vary of supporting a start-up.
“The situation is lot different now but yet youngsters with great ideas and drive struggle to get right advice and support. Therefore, Ramky Group has taken this initiative,” he said.
The Ramky Group now works with more than 12,000 corporate houses, 35,000 hospitals and 35/40 municipalities in the country.
“By channelising all this through a separate body, we would be able to hand-hold them during crucial phase of their entrepreneurship. In fact, this is something no management school would train or teach but that comes through experience,” he felt.
Administered by ADR Advisory Services, it has the Federation of Indian Export Organisations, joining in his initiative along with the Confederation of Women Entrepreneurs.