Praveen Kumar Gorakavi, a Hyderabad based entrepreneur, was selected as one of the entrepreneurs for the Forbes Asia 30 Under 30 list 2019.
Praveen is an alumnus of the Osmania University College of Chemical Engineering and is the only entrepreneur selected from Telangana. He expressed his happiness and said, “It is a moment of pride for us. Finding a place in the Forbes Under 30 list is a big encouragement.”
Speaking about his journey, Mr. Praveen said, he recently started a factory, The Phi Factory, which collaborates with small and medium sized enterprises and creates globally competitive products.
The Company, which is barely 4 months old, has earned approximately $ 4 million (Rs. 28 crores) till now.
Forbes, which lists 30 entrepreneurs across Asia every year, selected Praveen Kumar Gorakavi for his contribution to science, technology and engineering. Forbes described Govakaran’s startup as a socially conscious initiative, which promotes one social innovation for every three commercial technologies product it develops.
Some of the products invented by The Phi Factory are a wrinkle free composite suit fabric, a water purification device, a sachet manufacturing process, an orthopaedic catheter for spinal restoration, a holographic ink for use in detection and recovery of used flexible packaging material and a liquid jetting mechanism for electric toothbrush, among many others.
The Company has grown rapidly in a short span of time and has collaborated with various companies, including government agencies, Fortune 500 companies and scientific institutions.