Paytm CEO Vijay Shekhar Sharma launches ₹30 crore fund for AI, EV startups
Paytm founder and chief executive Vijay Shekhar Sharma has launched a ₹30-crore ‘VSS Investments Fund’ to invest in Indian artificial intelligence (AI) and electric vehicle (EV) startups. The total size of the Sebi-approved, Category II Alternate Investment Fund (AIF) is ₹20 crore with a green-shoe option of ₹10 crore, bringing the total corpus to ₹30 crore.
Various follow-on investments of Sharma’s in the consumer and B2B tech space will also come from this fund, the Paytm CEO said in a statement. Sharma has backed several startups, including Ola Electric, GoQii, Daalchini, Treebo Hotels, Josh Talks, KWH Bikes, LeverageEdu and KAWA Space.
He said, “The Indian startup ecosystem has some of the brightest entrepreneurs in the world, and we have the potential to become a powerhouse of advanced technology and AI-driven innovations. India's aspiration to be a $10 trillion atmanirbhar economy will be defined by the spirit of innovation and entrepreneurship.
The launch of this fund is a continuation of my belief in supporting young and promising Indian founders, aligned with the fact that technology has a huge role to play in the development of the country." Sharma said he will be one of the primary contributors of the fund, along with a few external investors. The AIF has been sponsored by VSS Investco Private Limited, an entity owned and controlled by the Paytm founder.
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