Digital payment company Paytm’s founder, Vijay Shekhar Sharma, launches Rs. 30 Cr fund for AI & EVs startups
Mr. Sharma, who has previously supported startups like Ola Electric, GoQii, Daalchini, Treebo Hotels, KWH Bikes, LeverageEdu, Josh Talks, and KAWA Space, believes that the Indian startup ecosystem harbours some of the world's brightest entrepreneurs.
artificial intelligence
Highlights
- Paytm founder Vijay Shekhar Sharma brings out a fund to invest in AI & EVs
- The fund, known as the ‘VSS Investments Fund,’ is introduced as a Category II Alternate Investment Fund
- The total fund size is Rs. 20 crore, with a green shoe of Rs. 10 crore
Vijay Shekhar Sharma, the founder and chief executive of the digital payment company Paytm, has initiated a Rs. 30-crore fund to support startups working on artificial intelligence (AI) and electric vehicles (EV) in India. This fund, named the 'VSS Investments Fund,' has been approved by the Securities and Exchange Board of India (SEBI). The fund has an initial size of Rs. 20 crore, with an additional green shoe option of Rs. 10 crore.
In addition to new investments, this fund will also facilitate follow-on investments in Sharma's existing portfolio of consumer and B2B technology startups.
Boosting Indian innovations
Mr. Sharma, who has previously supported startups like Ola Electric, GoQii, Daalchini, Treebo Hotels, KWH Bikes, LeverageEdu, Josh Talks, and KAWA Space, believes that the Indian startup ecosystem harbours some of the world's brightest entrepreneurs. He envisions India as a potential powerhouse for advanced technology and AI-driven innovations.
"India's aspiration to be a $10 trillion atmanirbhar (self-reliant) economy will be defined by the spirit of innovation and entrepreneurship."
Sharma's fund launch is a testament to his commitment to nurturing promising young founders in India, recognising the significant role that technology plays in the country's development.
Primary contribution from Sharma
Vijay Shekhar Sharma will be the primary contributor to the fund, along with investments from external sources.
The Category II Alternate Investment Fund (AIF) is sponsored by VSS Investco Pvt. Ltd., an entity owned and controlled by him. This move is in line with his dedication to fostering technological advancements in the nation.
Commitment to climate solutions
In 2018, Vijay Shekhar Sharma, along with venture capitalist Shailesh Vickram Singh of Seedfund, launched the ‘Massive Fund,’ a climate fund for India. This fund aimed to invest $150 million in startups addressing critical sectors such as food, agriculture, air and water pollution, renewable energy, recyclables like electronics and plastic waste, mobility, and sustainable environmental solutions.
Vijay Shekhar Sharma's latest fund launch reaffirms his commitment to promoting innovation, entrepreneurship, and sustainable technology solutions in India's dynamic startup ecosystem.
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