Silicon Gigs, a global syndicate of 270 entrepreneurs and technology veterans from 30 countries, is preparing to pool around $60 million from its members to set up electronics units in India that can support mobile handsets and medical equipment.
Raj Pallapothu, founder and CEO of Texas, US-based Silicon Gigs, said at least one such unit will be set up in Hyderabad in Telangana and one in Ananthapur in Andhra Pradesh. He said entrepreneurs from China, Taiwan, Japan, Germany, the US, Italy and other countries will invest in these units.
“Silicon Gigs is in talks with the governments of Telangana and Andhra Pradesh for setting up the electronics manufacturing facilities,” Pallapothu told DB over phone from Texas. “We are going to submit detailed investment proposals to these two states before the month end.” He said nearly 70 of the syndicate members were into manufacturing and most of them have shown interest in investing through consortia in phases.
“Investment opportunities in the areas of electronics, medical devices and automobiles in Karnataka, TN and Maharashtra are also being explored.” A former employee of Samsung Americas, Pallapothu said some of the syndicate members are also looking at floating a consortia for investing exclusively in manufacturing low-cost medical devices.
He said the business accelerator of Silicon Gigs was exploring opportunities to invest in startups in India, the US, the UK and South Korea in areas such as Internet-of-Things (IoT), wearables, and hardware and software solutions. “On-call doctor services and telemedicine are among the priorities for our members, who are looking at pooling at least $10 million into the healthcare consortium. We are talking to nearly 5,000 hospitals and 750 doctors to rope them in as partners into this venture,” said Pallapothu.