Paytm’s Vijay Shekhar Sharma Bets Big on Indian Startups, Launches AIF with Target Corpus of Rs 30 Crore
In a bid to support Indian startups, Vijay Shekhar Sharma, Paytm Founder and CEO, has announced the launch of his maiden fund-VSS Investments Fund, for his private investments, having a total target corpus of Rs 30 crore.
This Sebi-approved Alternate Investment Fund (AIF), which is sponsored by VSS Investco Private Limited, an entity owned and controlled by Vijay Shekhar Sharma, has a total size of Rs 20 crore and a green shoe option of Rs 10 crore, taking the total fund corpus to Rs 30 crore. Additionally, the fund will be actively managed by a professional investment manager.
Vijay Shekhar Sharma | VSS Investments Fund
The fund, which is focused on serving Indian consumers and businesses, will target artificial intelligence (AI) and electric vehicles, environment, and sustainability-related startups incubated in India. Additionally, the fund will also support Paytm’s founder follow-on investments in his current portfolio. His startup investment portfolio includes 21 companies, which are- Ola Electric, GOQii, Mesa School of Business, Daalchini Technologies, Treebo, UNNATI, and more.
Speaking about the development, Vijay Shekhar Sharma, Paytm Founder and CEO, stated that the Indian startup ecosystem has some of the brightest entrepreneurs in the world and highlighted their potential to become a powerhouse of AI-driven innovations and advanced technology.
“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.”
With Sharma being the primary contributor to the fund, various external investors will also participate in the round.
Paytm Q2FY24 results
Recently, Sharma’s publically listed Paytm posted Q2FY24 results, which saw its net loss narrow to Rs 290.5 crore on a consolidated basis in Q2FY24 from Rs 357 crore in Q1FY24. In the second quarter of the last financial year (Q2FY23), the fintech giant posted a loss of Rs 571.1 crore.
On a quarter-on-quarter basis, Paytm saw its total income rise 8 per cent to Rs 2,662.5 crore in Q2FY24 compared to Rs 2,464.2 crore in Q1FY24.
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