Namasthe World to set up manufacturing centres in Andhra Pradesh
The Hyderabad-based startup will invest Rs 36.24 crore to establish apparel and toy facilities in Kurnool and Visakhapatnam.
Hyderabad-based startup Namasthe World has signed a Memorandum of Understanding (MoU) worth Rs 36.24 crore with the Andhra Pradesh government to build manufacturing centres for toys, handlooms, and sustainable apparel. According to The Federal, the agreement was signed at the 31st CII Partnership Summit in Visakhapatnam.
The proposed facilities in Kurnool and Visakhapatnam are expected to create approximately 1,050 jobs, consisting of 950 direct and 100 indirect roles. The company plans an integrated ecosystem where handloom fabric is used for garments and leftover materials are repurposed to create soft toys and dolls.
Bhuma Mounika Manchu, Founder and CEO of Namasthe World, said the partnership aims to empower artisans and bring the textiles and toys of Andhra Pradesh to a global market. Co-Founder and Chief Innovation Officer Manchu Manoj stated the venture intends to use creativity and technology to support traditional industries and create livelihoods.
Manchu Manoj also mentioned that the company is looking into using robotics and artificial intelligence for the production of Kondapalli and Etikoppaka toys. During the summit, Union Minister of Commerce and Industry Piyush Goyal viewed the company's toy collection and noted the potential for traditional Indian toys to represent the country internationally.
The startup, founded by Bhuma Mounika Manchu and Manchu Manoj, has developed over 55 original plush toy designs and sold more than 43,000 BIS-certified toys to date.