New Delhi: Paytm’s founder and CEO, Vijay Shekhar Sharma, has introduced the ‘VSS Investments Fund,’ a Category II Alternate Investment Fund (AIF). This fund has a total size of ₹20 crore, along with a green shoe option of ₹10 crore, resulting in a total corpus of ₹30 crore. The AIF is sponsored by VSS Investco Private Limited, an entity owned and controlled by Sharma.
This category II AIF, approved by Securities and Exchange Board of India (SEBI), is sector-agnostic and aims to invest in Artificial Intelligence (AI), environmental, and sustainability-focused ventures, primarily in the field of Electric Vehicle (EV) startups, which originate from made-in-India technology to cater to the needs of Indian consumers and businesses. Sharma will be a significant contributor to the fund, alongside other external investors.
The new fund’s primary focus is to invest in startups related to AI and EV that have been nurtured in India, with a specific emphasis on serving the Indian market.
Sharma expressed his views via a statement and 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.”
He further added that the launch of this fund is a continuation of his belief in supporting young and promising Indian founders, coinciding with the fact that technology has a vital role to play in the development of the country.
Sharma’s track record includes supporting startups such as Ola Electric, Josh Talks, Mesa School, UNNATI, KAWA Space, Praan, GOQii, KWH Bikes, Daalchini, and Treebo Hotels.
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