Vijay Shekhar Sharma, the founder and CEO of Paytm, has initiated the launch of a Category II Alternate Investment Fund (AIF) known as the ‘VSS Investments Fund’ on on Monday. The fund has a total size of Rs 20 crore, with an additional green shoe option of Rs 10 crore.
This newly established fund is dedicated to investing in Indian startups focusing on Artificial Intelligence and Electric Vehicles (EV). These startups are to be incubated in India and have a specific emphasis on serving the needs of Indian consumers and businesses.
In a media statement, Sharma highlighted the exceptional potential within the Indian startup ecosystem, boasting some of the brightest entrepreneurs globally. He expressed the belief that India can evolve into a hub for advanced technology and AI-driven innovations.
“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 said in a media statement.
Sharma has previously supported several startups, including Ola Electric, Josh Talks, Mesa School, UNNATI, KAWA Space, Praan, GOQii, KWH Bikes, Daalchini, and Treebo Hotels. The ‘VSS Investments Fund’ will also facilitate follow-on investments in Sharma’s current startup investments in the consumer and B2B tech sectors, according to the statement.
Sharma will serve as one of the primary contributors to the fund, alongside other external investors. The AIF is sponsored by VSS Investco Private Limited, an entity owned and controlled by the Paytm founder.
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