In a boost to start-ups, IT major Infosys has announced the creation of $250 million (₹1,550 crore) ‘Innovate in India Fund’ from its recently expanded Innovation Fund.
Chief Executive Officer and Managing Director Vishal Sikka met Prime Minister Narendra Modi in New Delhi on Wednesday.
The fund will be dedicated for investments in promising new Indian companies that will be inducted into the global ecosystem of strategic partners that Infosys is building, the company said in a statement.
Sikka said, “Next-generation solutions built on emerging computing technologies can dramatically reshape and improve the world.
That’s why, we look forward to working with innovative companies to strengthen our collective potential and also accelerate the success of the Prime Minister’s ‘Digital India’ mission aimed at helping people gain benefits from the latest in information technology.”
Earlier, the company had stated that it had expanded its Innovation Fund to $ 500 million to be used to invest in young companies innovating in next-generation solutions and technologies such as Artificial Intelligence (AI), automation, pervasive connectedness as well as collaboration and design technologies.