Infosys CEO Vishal Sikka, who met Prime Minister Narendra Modi in New Delhi on Wednesday, has decided to allocate $250 million from the company’s Innovation Fund to invest exclusively in Indian technology start-ups.
The “Innovate in India Fund” will be a part of its recently-expanded Innovation Fund where the corpus was raised from $100 million to $500 million. This fund will invest in Indian start-ups engaged in next-generation technologies.
Sikka said, “Start-ups represent the vision, the hope and the persevering entrepreneurial spirit taking root in India. With the ‘Innovate in India Fund’, Infosys will invest in great Indian start-ups, help amplify their engineering and operations, as well as help bring their innovations to market at scale.”
Infosys is engaged with the start-up community globally and has partnerships in the US with firms such as Ooyala and Clique Intelligence.
Sikka said, “We look forward to working with innovative companies to strengthen our collective potential and also accelerate the success of the PM’s ‘Digital India’ mission aimed at helping people gain benefits from the latest in information technology.”
Infosys is in advanced talks with a couple of start-ups, though it is yet to firm up whether the new fund will part of the corporate set up or create a separate venture fund.