Paytm Founder and CEO Vijay Shekhar Sharma on Monday announced the launch of VSS Investments Fund for his private investments, with a total target corpus of Rs 30 crore.
The total size of the Sebi-approved AIF scheme is Rs 20 crore with a green shoe option of Rs 10 crore, making the total corpus of Rs 30 crore, Sharma said in a statement.
The fund will target artificial intelligence and electric vehicles related startups that are incubated in India and specially focused to serve Indian consumers and businesses, the statement said.
"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. The launch of this fund is a continuation of my belief in supporting young and promising Indian founders, aligned with the fact that technology has a huge role to play in the development of the country," Sharma said.
The various follow-on investments of Sharma's current startup investments in consumer and B2B tech space will also come from the fund.
In the past, Sharma has also focused on investing in startups driving sustainability and air quality improvement.
Sharma would be one of the primary contributors of the fund along with other external investors.
The AIF has been sponsored by VSS Investco Private Limited, an entity owned and controlled by Vijay Shekhar Sharma, and will be actively managed by a professional investment manager, the statement said.
Sharma has backed several startups, including Ola Electric, Josh Talks, Mesa School, UNNATI, KAWA Space, Praan, GOQii, KWH Bikes, Daalchini and Treebo Hotels.