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Sharma is expected to be one of the primary contributors to the fund along with other external investors, according to a statement issued by the fund.
The AIF is sponsored by VSS Investco Private Limited, an entity owned and controlled by Sharma. Sharma is also the founder and chief executive of One 97 Communications, which runs the digital payments firm Paytm.
The fund, which has been approved by the Securities and Exchange Board of India (Sebi), will focus on investing in companies incubated in India that are building products and services for domestic customers.
“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,” said Sharma. “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.”
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Through the new fund, Sharma is also expected to double down on his investments across consumer and business-to-business (B2B) segments. According to research platform Tracxn, Sharma, through VSS Investco, has invested across at least 21 startups, including electric vehicle manufacturer Ola Electric, edtech LeverageEdu, and spacetech startup Kawa Space, among others.
In 2018, Sharma had teamed up with venture capitalist Shailesh Vickram Singh to launch Massive Fund, a stage-agnostic climate fund which looked to invest in startups solving issues for critical areas of food, agriculture, air and water pollution.
Pledging $150 million in support of environmental protection, Massive was also looking to invest across areas of renewable energy as well as recyclables.
