Paytm founder-CEO Vijay Shekhar Sharma has launched a ₹30-crore fund, seeking to invest in India’s artificial intelligence and electric vehicle sector related startups.

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The Category II Alternate Investment Fund (AIF), VSS Investments Fund, is backed by VSS Investco Private Limited, an entity owned and controlled by Sharma along with other external investors. The press release said the fund will be managed by a professional investment manager.

"The total size of the SEBI-approved AIF scheme is ₹20 crore with a green shoe of ₹10 crore, making the total corpus ₹30 crore," the statement read.

More follow-on investments in consumer and B2B tech space is also expected to also come from this fund.

“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," Vijay Shekhar Sharma said.

The launch of this fund is a continuation of my belief in supporting young and promising Indian founders, aligned with the fact that technology has a huge role to play in the development of the country,” he added.

Sharma is known to back new age tech startups. In the past, he has been associated with Ola Electric, KAWA Space, Praan, GOQii, KWH Bikes, Daalchini and Josh Talks among others.

Also Read:Paytm's Vijay Shekhar Sharma makes this statement after becoming its largest shareholder

First Published:Oct 23, 2023 6:54 PM IST