Paytm founder and chief executive officer Vijay Shekhar Sharma has launched a Category II Alternate Investment Fund (AIF) ‘VSS Investments Fund’. This fund has a total size of ₹20 crore with a green shoe of ₹10 crore, making the total corpus at ₹30 crore.
The AIF has been sponsored by VSS Investco Private Limited, an entity owned and controlled by Sharma.
This sector-agnostic SEBI-approved category II AIF will target Artificial Intelligence, environment, and sustainability-related investments (mostly EV Startups) that are born out of made-in-India technology to serve Indian consumers and businesses.
Sharma would be one of the key contributors of the fund along with other external investors.
The new fund will invest in Artificial Intelligence and Electric Vehicles (EV)-related startups that have been incubated in India and specially focused to serve Indian consumers and businesses.
“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,” Sharma said in a statement.
“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 has so far backed startups including Ola Electric, Josh Talks, Mesa School, UNNATI, KAWA Space, Praan, GOQii, KWH Bikes, Daalchini and Treebo Hotels.