Rajan Anandan, the managing director of venture capital firm Peak XV Partners, disclosed on Thursday that the firm has “approximately Rs 16,000 crores of dry powder” readily available for investment in businesses.
Anandan was delivering a speech at the Global IndiaAI Summit in New Delhi.
Anandan has observed the emergence of a novel and intriguing wave of AI application enterprises.”These organizations are employing artificial intelligence to develop practical applications.” These are consumer and prosumer applications. Healthcare, retail, agriculture, and financial services are among the vertical applications. Then, there are enterprise AI applications for customer support,” Anandan stated, emphasizing that Indian entrepreneurs are highly proficient in application development.
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Peak XV Partners recently led a $10.5-million funding round in the AI health startup Cloudphysician. OrbitShift, a sales intelligence startup propelled by AI, raised $7 million in a funding round led by Peak XV Partners’ Surge scale-up program last month. In May, the organization also participated in a $105 million funding round for Atlan, a data collaboration software startup.
The significance of increasing the number of AI researchers and investing in the field of AI research was further emphasized by Anandan.
Rajan Anandan, managing director, Peak XV Partners, said: “Firstly, 20% of global AI researchers are of Indian origin. They are mostly in the US, but we should bring them back. Secondly, we have the largest number of STEM graduates. We have the raw talent; we just need to make sure we invest in them over time,”
About Peak XV
Founded in 2006, Peak XV Partners (formerly Sequoia Capital India & SEA) is a leading venture capital and growth investing firm investing across India, Southeast Asia, and beyond.
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