Vijay Shekhar Sharma, the CEO of Paytm, has established a fund to support entrepreneurs in cutting-edge fields including artificial intelligence (AI) and electric vehicles.
VSS Investments Fund, a category-II alternative investment fund (AIF), has a total capital of Rs 20 crore and a further green shoe option of Rs 10 crore.
“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,” said Vijay Shekhar Sharma, the CEO of Paytm. “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.”
The Securities and Exchange Board of India (Sebi), which has approved the fund, will concentrate on investing in Indian startups that are developing goods and services for domestic consumers.
According to research portal Tracxn, Sharma made investments in at least 21 firms through VSS Investco, including edtech startup LeverageEdu, electric vehicle manufacturer Ola Electric, and spacetech venture Kawa Space, among others.
It wasn’t immediately apparent what the typical ticket size or what stage the fund would invest in firms.