IIM Visakhapatnam is set up by the Ministry of HRD, Government of India in 2015 as a registered Society with a constituted Board of Governors under the Andhra Pradesh Societies Registration Act 2001. The institute is being mentored by IIM Bangalore. The temporary campus of the institute is being run at Andhra Bank School of Business Building in Andhra University premises. Necessary renovation was done to provide state-of-the-art facilities such as Seminar Room with Video Conferencing, Class rooms, discussion rooms, library, student lounge and cafeteria etc. The transit campus was inaugurated on September 21, 2015 with one section of students in the two-year Post Graduate Programme in Management under the mentorship of IIM Bangalore.