Vijay Shekhar Sharma, founder of Indian mobile payment service Paytm, announced the establishment of a fund totaling 3 million rubles (about 360 million US dollars) to invest in the development of artificial intelligence and electric vehicle industries in India.
thisVSS Investments Fund, is promoted by VSS Investco Private Limited, a company owned by Vijay Shekhar Sharma, and plans to invest in artificial intelligence and electric vehicle startups in India.
Although the amount offered by VSS Investments Fund is not high compared to other fund sizes, Vijay Shekhar Sharma explained that this fund will cover later-stage funding for its existing investment portfolio, meaning that selected startups will have the opportunity to receive larger funding amounts.
In a related statement, Vijay Shekhar Sharma believes that India has the potential to become a birthplace of innovation in advanced technologies such as artificial intelligence. Prior to this, Vijay Shekhar Sharma had invested in companies such as electric scooter manufacturer Ola Electric, fitness tracker manufacturer GOQii, and Indian hotel chain Treebo Hotels.
