Namasthe World signs MoU with Andhra Pradesh for manufacturing centres
The startup plans to invest Rs 36.24 crore to establish sustainable apparel and toy facilities in Kurnool and Visakhapatnam.
Namasthe World, a Hyderabad-based storytelling and toy startup, signed a memorandum of understanding (MoU) with the Government of Andhra Pradesh on Thursday, according to Telangana Today and The Federal. The agreement was signed at the 31st CII Partnership Summit in Visakhapatnam.
The startup, founded by Bhuma Mounika Manchu and Manchu Manoj, proposes to invest Rs 36.24 crore to set up sustainable apparel, handloom, and toy manufacturing centres in Kurnool and Visakhapatnam. The project aims to create an integrated ecosystem where handloom fabric is converted into garments, and surplus material is used to make dolls and soft toys.
The facilities are expected to generate approximately 1,050 employment opportunities, comprising 950 direct jobs and 100 indirect jobs across logistics, supply chains, and ancillary services. Manchu Manoj, Co-Founder and Chief Innovation Officer, said the company wants to use creativity, technology, and entertainment to support traditional industries and promote the 'Made in Andhra Pradesh' identity.
Founder and CEO Bhuma Mounika Manchu stated the partnership is a step towards empowering artisans and taking the state's textiles and toys to the world. At the summit, Union Minister of Commerce and Industry Piyush Goyal viewed the company's toy collection and launched its calendar.
The company has previously signed a three-year agreement with the APEDB on October 26 in Tirupati to promote the state's tourism and cultural heritage through characters and short films.