Paytm CEO Vijay Shekhar Sharma and Shailesh Vickram Singh of GoMassive Incubator have launched a USD 150 million fund for promoting environmental protection in India.
The 'Massive Fund' aims to target large problems in areas such as food and agriculture, air and water pollution, renewable energy, recyclables like e-waste and plastic, mobility and sustainable built environment.
It will undertake investments in startups, companies and individuals working on the agenda of Pollution Reduction aligned with the United Nations Sustainable Development Goals.
It aims to build an ecosystem for reducing pollution by partnering with academia, R&D labs, mentors, professionals and venture funds across the country. Massive Fund will be raising capital from Institutional and High net-worth investors who are aligned with the objective of saving the environment.
“There is an urgent need for bringing in technological solutions for reducing pollution. Through this initiative, we will provide adequate funding for innovations that can reduce air, water and plastic pollution efficiently on the scale. The current generation owes it to the youngsters to leave behind a less polluted, healthier environment. We need the brightest funds and adequate capital/ economic resources to tackle this massive problem of pollution that we are staring at. Our efforts, through this fund, will be to ensure that capital does not get in the way for innovative solutions to beating pollution," said Vijay Shekhar Sharma, founder and CEO, Paytm.
The fund has also formed an incubator called “GoMassive” which is working closely with leading educational and research institutions such as NRDC, IIT Delhi & IIM Lucknow and Sustainable India Finance Facility (SIFF).
"We aim to encourage young entrepreneurs to innovate and build solutions such as pesticide-free food, plastic removal, biodegradable packaging, CO2 absorption, pollution-free cities and sustainable housing which are crucial for our well-being. We will support our portfolio companies with high-end R&D labs and take insights from research institutes, scientists & academia. We will also facilitate interactions with large industrial conglomerates to validate and utilise their new-age tech solutions," said Shailesh Vickram Singh, Managing Partner, Massive Fund.