HYDERABAD: One of the world's leading open innovation platforms Plug and Play, with a network of over 35,000 vetted startups, will be launching its first tech centre in India in Hyderabad in the first week of December.
The announcement came after their leadership team met Telangana IT and Industries Minister KT Rama Rao in Paris on the sidelines of the Ambition India event hosted by the French government and Business France. The leadership team of Plug and Play discussed their plans with the visiting delegation.
The main goal for Plug and Play in India would be to build the country's best and biggest hub for startups, corporates and investors.
In Hyderabad, Plug and Play will be focusing on building an ecosystem for Mobility, Internet of Things, energy and infrastructure. The next expansion plans are into Fintech and Life Sciences/ Healthcare industries. Seattle-based Triangulum Labs, a Venture Foundry, will be partnering with the Plug and Play Tech Centre in Hyderabad to run the Incubation for the IoT and Smart Cities.
Plug and Play has accelerated 2,056 startups in 2020 (585 in the US, 438 in the EMEA and 1,042 in Asia). The company has made 162 strategic investments in 2020 and with 1,500 active portfolio investments as on date, it has raised $ 9 billion in venture funding.
It has 37 offices worldwide including Silicon Valley in the US, Stuttgart in Germany, Paris in France and Osaka in Japan.
Plug and Play was an early investor in Google, PayPal, Dropbox, LendingClub, N26, Soundhound, Honey, Kustomer, and Guardant Health. It focuses on several verticals including Mobility, IoT, Energy, AgriTech, Health, Sustainability, Travel and Fintech.