Paytm founder Vijay Shekhar Sharma launches fund to invest in AI, EV startups

Sharma has backed startups including Ola Electric, Josh Talks, Mesa School, UNNATI, KAWA Space, Praan, GOQii, KWH Bikes, Daalchini and Treebo Hotels.

Paytm founder and chief executive officer Vijay Shekhar Sharma launched a Category II Alternate Investment Fund (AIF) ‘VSS Investments Fund’ with a total size of the fund at Rs 20 crore with a green shoe of Rs 10 crore on October 23.

The new fund will invest in startups within Artificial Intelligence and Electric Vehicles (EV)-related startups, that are incubated in India, and are 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,” said Sharma in a media statement.

Sharma has backed startups including Ola Electric, Josh Talks, Mesa School, UNNATI, KAWA Space, Praan, GOQii, KWH Bikes, Daalchini and Treebo Hotels.

There will be various follow-on investments of Sharma’s current startup investments in consumer and B2B tech space will also come from this fund, the statement said.

Sharma would be one of the primary contributor of the fund along with other external investors. The AIF has been sponsored by VSS Investco Private Limited, an entity owned and controlled by the Paytm founder.