Vijay Shekhar Sharma Unveils ₹30 Crore VSS Investments Fund for Indian AI and EV Startups
- ByStartupStory | October 25, 2023
Paytm’s founder and chief executive, Vijay Shekhar Sharma, has introduced the ‘VSS Investments Fund,’ a ₹30-crore investment initiative aimed at nurturing Indian artificial intelligence (AI) and electric vehicle (EV) startups. This Sebi-approved Category II Alternate Investment Fund (AIF) possesses an initial corpus of ₹20 crore, with the possibility of raising an additional ₹10 crore through a green-shoe option, resulting in a total fund size of ₹30 crore.
Vijay Shekhar Sharma, renowned for his investments in cutting-edge ventures, shared that this fund will also facilitate follow-on investments in the consumer and B2B technology sectors. Over the years, Sharma has shown support for numerous startups, including Ola Electric, GoQii, Daalchini, Treebo Hotels, Josh Talks, KWH Bikes, LeverageEdu, and KAWA Space, among others.
In his statement, Sharma emphasized, “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. 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.”
Sharma disclosed that he would be a primary contributor to the fund, alongside a select group of external investors. VSS Investco Private Limited, an entity owned and controlled by the Paytm founder, sponsors this AIF.
It’s worth noting that back in 2018, Vijay Shekhar Sharma and venture capitalist Shailesh Vickram Singh of Seedfund initiated the ‘Massive Fund,’ a climate-focused fund for India. The Massive Fund aimed to invest around $150 million in startups addressing critical areas such as food, agriculture, air and water pollution, renewable energy, recyclables, and mobility.
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