Business EconomyPosted at: Nov 13 2026 2:45PM


Namasthe World signs Rs 36.24 cr MoU with AP to set up handloom, toy manufacturing units

Visakhapatnam, Nov 13 (UNI) Hyderabad-based storytelling and toy startup Namasthe World has signed an MoU with the Andhra Pradesh Government to establish sustainable apparel, handloom and toy manufacturing centres in Kurnool and Visakhapatnam with a proposed investment of Rs 36.24 crore.
The agreement was signed on the sidelines of the 31st CII Partnership Summit on Thursday.
The project is expected to generate around 950 direct jobs and another 100 indirect employment opportunities in supply chains, logistics and ancillary services.
Founded by Bhuma Mounika Manchu along with actor and entrepreneur Manchu Manoj, Namasthe World plans to develop an integrated manufacturing ecosystem in which handloom fabric will be used for garment production, while surplus material will be converted into dolls and soft toys.
In a release, Bhuma Mounika Manchu, Founder and CEO of Namasthe World, said the initiative aimed to connect India's traditional craftsmanship and cultural heritage with contemporary markets and create sustainable employment opportunities for artisans.
She said the company already had a retail partnership with Reliance Brands and had now entered into a partnership with the Andhra Pradesh Government.
Manchu Manoj, Co-Founder and Chief Innovation Officer, said the company was exploring the use of artificial intelligence and robotics in the production of traditional Etikoppaka and Kondapalli toys through collaborations with technology companies.
At the summit, the company presented its toy collection to union Commerce and Industry Minister Piyush Goyal, who also launched its calendar.
Goyal appreciated the company's efforts to promote Indian culture and traditional toys through storytelling and said indigenous toys and cultural narratives had the potential to reach international markets.
Union Civil Aviation Minister K Rammohan Naidu also welcomed the initiative, stating that traditional artisans needed stronger platforms and wider market access.
Andhra Pradesh Industries and Commerce Minister T G Bharat said the project aligned with the State's efforts to attract investments, strengthen traditional industries and generate employment through sustainable manufacturing.
Andhra Pradesh Economic Development Board CEO Sagili Shan Mohan and Commissioner of Handlooms and Textiles Rekha Rani also highlighted the potential of the initiative to connect artisan communities with contemporary markets and promote sustainable manufacturing.
The latest agreement follows an earlier MoU signed by Namasthe World with the Andhra Pradesh Economic Development Board on October 26 in Tirupati to promote tourism and cultural heritage through traditional Etikoppaka and Kondapalli toys.
Under the three-year agreement, the company plans to develop characters, short films and QR-linked experiences to promote the State's traditional crafts.
Since its inception, Namasthe World has developed more than 55 original plush toy designs and sold over 43,000 BIS-certified toys, the company said.
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Tags: #Namasthe World signs Rs 36.24 cr MoU with AP to set up handloom# toy manufacturing units
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