Paytm founder launches $3.6 mn fund to boost AI and EV startups: Report

Vijay Shekhar Sharma, the founder of Paytm, has taken a significant step into India's burgeoning artificial intelligence (AI) and electric vehicle (EV) sectors.

According to a Bloomberg report, Sharma'sVSS Investments Fundis valued at 300 million rupees (approximately $3.6 million) and aims tofoster innovation and entrepreneurship in these rapidly evolving domains.

VSS Investments Fund will not only cater to early-stage startups but will also facilitate follow-on investments in Sharma's existing portfolio.

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In an official statement, Sharma emphasised the transformative potential of Indian startups in the realm of advanced technology and AI-driven innovations.

A Moneycontrol report quoted him as saying, "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, celebrated for pioneering fintech in India over a decade ago with the inception of Paytm, has been an active investor in various Indian startups. These include Ola Electric, GOQii (a fitness band manufacturer), Treebo Hotels, and more.

(With inputs from Bloomberg)

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