Paytm CEO Vijay Shekhar Sharma introduces a $30 million fund for entrepreneurs in AI and EV

25 Oct 2023 , 01:09 AM

Vijay Shekhar Sharma, the founder and CEO of Paytm, has established the ‘VSS Investments Fund’, a $30 billion fund that would invest in electric vehicle (EV) and artificial intelligence (AI) firms in India.

The Sebi-approved Category II Alternate Investment Fund (AIF) has a total capital of 20 crores, and a green shoe option of 10 crores increases the corpus to 30 crores.

The Paytm CEO added in a statement that this fund will also support a number of Sharma’s follow-on investments in the consumer and B2B digital sectors. Ola Electric, GoQii, Daalchini, Treebo Hotels, Josh Talks, KWH Bikes, LeverageEdu, and KAWA Space are just a few of the firms Sharma has funded.

He declared, ‘The Indian startup ecosystem is home to some of the world’s most talented businesspeople, and we have the capacity to lead the way in cutting-edge technological advancements and AI-driven inventions. The spirit of invention and entrepreneurship will define India’s aim to become a $10 trillion atmanirbhar economy. The establishment of this fund is a continuation of my commitment to helping up-and-coming entrepreneurs in India, in line with the important role that technology will play in the nation’s future development.

Along with a few other investors, Sharma claimed he will be one of the fund’s main contributors. VSS Investco Private Limited, a company that the Paytm founder owns and controls, has sponsored the AIF.

A climate fund for India called ‘Massive Fund’ was founded in 2018 by Sharma and venture capitalist Shailesh Vickram Singh of Seedfund. The fund aims to invest $150 million in entrepreneurs working in crucial fields like food, agriculture, air and water pollution, renewable energy, recyclables, and mobility.

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