Paytm founder-CEO Vijay Shekhar Sharma has set up a ₹30-crore fund so that he can invest in artificial intelligence and electric vehicle sector-related startup companies.
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The Category II Alternate Investment Fund (AIF), VSS Investments Fund, is supported by VSS Investco Private Limited, a company that has been owned and controlled by Sharma along with other external investors.
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The press release noted that the fund will be handled 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 said.
Also, the fund will be interested in investing in consumer and B2B tech space.
Vijay said that the startup ecosystem of India has some of the most talented businessmen in the globe. He believed that the Indian entrepreneurs have all the potential to become a leader in advanced technology and AI-driven innovations. The country’s aspiration to become a $10 Trillion Atmanirbhar economy will be determined by the essence of innovation and entrepreneurship noted Vijay.
Thus, the establishment of this fund is an extension of his assurance and backing to support the young and promising founders of India along with embracing the fact that India has a big role in the country’s development.
Vijay is known to support new-age tech startups. In the past, he has worked with companies like Ola Electric, KAWA Space, Praan, GOQii, KWH Bikes, Daalchini, and Josh Talks among others.
It is interesting to note how founders like Vijay Sharma are coming forward to set up a funding firm to support the young and aspiring entrepreneurs of India. In India, there is a lot of potential and interesting business sense that can create many sustainable business models.
As technology focused on AI and the electric cars sector has been booming in recent times, it is a wise decision for Sharma to have a company that will specialize in backing such new companies.
Sharma can also mentor such entrepreneurs to have a successful business model and ensure that such companies don’t make any losses or fail in the market.
For the unversed, Vijay Shekhar Sharma is an Indian entrepreneur who is the founder and chairman of One97 Communication started in 1997, and its consumer brand Paytm which began in 2010.
More entrepreneurs like Sharma should come forward to establish firms that will assist young entrepreneurs to not just explore funding options but also get the right guidance to have the right business model and work towards earning profits ethically.
Otherwise, there are a lot of ideas in the Indian startup ecosystem but having the right kind of mentorship is very much required and this will only help to cultivate a positive attitude and mindset among businesspeople.
If you are aware in recent times, the funding options from foreign companies have reduced considerably due to the ongoing economic slowdown in several countries. However, many Indian companies are coming forward to invest in new startups and also announcing mergers and acquisitions to extend their holistic support to the startup ecosystem.
