Namasthe World signs ₹36.24-crore MoU with Andhra Pradesh government
The Hyderabad-based startup will set up sustainable manufacturing centres in Kurnool and Visakhapatnam to produce apparel and toys.
Namasthe World signed a memorandum of understanding (MoU) with the Government of Andhra Pradesh on Thursday at the 31st CII Partnership Summit in Visakhapatnam. According to reports from Deccan Chronicle, Deccan Herald, and Telangana Today, the Hyderabad-based startup plans to invest ₹36.24 crore to establish manufacturing centres for handlooms, textiles, and toys in Kurnool and Visakhapatnam.
The project intends to create a sustainable ecosystem where weavers' fabric is turned into clothing, while leftover scraps are repurposed into soft toys and dolls. This initiative is expected to create 950 direct jobs and 100 indirect roles in areas such as logistics and supply chains.
Bhuma Mounika Manchu, Founder and CEO of Namasthe World, said the partnership aims to transform traditional Indian craftsmanship into businesses that are relevant globally. Co-Founder and Chief Innovation Officer Manchu Manoj stated the company wants to use technology to support traditional industries and establish 'Made in Andhra Pradesh' as a global brand.
Manchu Manoj added that the company is looking into using robotics and artificial intelligence for Etikoppaka and Kondapalli toys. During the summit, Union Minister of Commerce and Industry Piyush Goyal launched the company's calendar and praised its approach to promoting Indian culture through storytelling.
The startup has already sold more than 43,000 BIS-certified toys and maintains a retail partnership with Reliance Brands.