Paytm founder floats ₹30 cr fund for AI, EV startups
livemint.com₹30-crore fund to back artificial intelligence (AI) and electric vehicle (EV)-related startups operating in India. The size of the Category II Alternate Investment Fund (AIF) ‘VSS Investments Fund’ approved the by the Securities and Exchange Board of India (Sebi) is ₹20 crore, along with a green shoe option of ₹10 crore. Follow-on investments for Sharma’s current portfolio in consumer and B2B technology space will also come from this fund, he said in a statement.
Sharma has backed several startups including Ola Electric, GoQii, Daalchini, Treebo Hotels, KWH Bikes, LeverageEdu, Josh Talks, and KAWA Space. “The Indian startup ecosystem has some of the brightest entrepreneurs in the world, and we have the potential to become a advanced technology and AI-driven innovations powerhouse. 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 founders in India, and aligns with the fact that technology has huge role to play in the development of the country," Sharma said. Sharma will be a primary contributor to the fund, along with external investors. The AIF is sponsored by VSS Investco Pvt.
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