Paytm founder launches investment fund for AI, EV start-ups
Paytm's founder and CEO Vijay Shekhar Sharma has announced a SEBI-approved, Category II Alternate Investment Fund (AIF) named 'VSS Investments Fund.' With a total fund size of Rs. 20 crore and an additional Rs. 10 crore green shoe option, the new fund is designed to invest in Indian-incubated start-ups specializing in artificial intelligence (AI) and electric vehicles (EV). This initiative demonstrates Sharma's dedication to backing innovative start-ups in the AI and EV sectors in India.
Focus on Indian consumers and businesses
The VSS Investments Fund will primarily target start-ups that cater to Indian consumers and businesses. Sharma is confident that India's ambition to become a $10 trillion Atmanirbhar economy will be driven by innovation and entrepreneurship. In the past, the Paytm founder has supported start-ups such as Ola Electric, Josh Talks, Mesa School, UNNATI, KAWA Space, Praan, GOQii, KWH Bikes, Daalchini, and Treebo Hotels.
VSS Investco Private Limited sponsors the new fund
Sharma's existing investments in consumer and B2B tech start-ups will also receive follow-on investments from VSS Investments Fund. Alongside other external investors, Sharma will be one of the main contributors to the fund. VSS Investco Private Limited, an entity owned and controlled by the Paytm founder, has sponsored the fund. "The Indian start-up 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," said Sharma.
