Venture capital firm Peak XV Partners has about Rs 16,000 crore of “dry powder” ready for investment in AI startups, Rajan Anandan, managing director of the company said at the ongoing Global IndiaAI Summit on Thursday.
“There’s no shortage of capital. We just want more people starting up in AI. Just within Peak XV, we have over 25 AI investments that we’ve made over the last 1-1.5 years,” Anandan said.
Recently, Peak XV Partners led a series of substantial funding rounds, including a $10.5 million investment in AI health startup Cloudphysician, a $7 million funding for AI-powered sales-intelligence startup OrbitShift, and a significant $105 million round in data collaboration software startup Atlan.
Anandan also emphasised the importance of human capital in advancing AI technologies. He noted that 20% of global AI researchers are of Indian origin, mostly based in the US, and stressed the need for India to attract this talent back home.
“We have the largest number of STEM (Science, Technology, Engineering and Math) graduates. We have the raw talent; we just need to make sure we invest in them over time,” he added, pointing India’s potential to lead in AI research and application.
The discussion at the summit also highlighted the broader context of AI in India, praising the dynamic ecosystem that supports a wide array of industries. Anandan’s vision extends beyond mere financial investment, focusing on the transformative impact that AI can have on various sectors and the fundamental restructuring it can bring.
“AI allows you to solve a problem not just 10% better, but 10 times better,” Anandan said. He concluded by urging Indian VCs to embrace risk and invest in truly innovative and transformative AI solutions that can offer substantial returns both economically and socially.
