Paytm founder Vijay Shekhar, venture capitalist Shailesh Vickram Singh set up $150 mn green fund – Where will it invest?

By: |
New Delhi | Updated: Jun 06, 2018 8:25 PM

Paytm founder Vijay Shekhar Sharma and venture capitalist Shailesh Vickram Singh have collaborated to set up USD 150 million fund.

Vijay Shekhar Sharma, Paytm,Paytm founder, Shailesh Vickram Singh, Massive Fund, ewaste management,  renewable energy“There is an urgent need for bringing in technological solutions for reducing pollution. Through this initiative, we will provide adequate funding for innovations that can reduce air, water and plastic pollution efficiently on the scale,” Sharma said.

Paytm founder Vijay Shekhar Sharma and venture capitalist Shailesh Vickram Singh have collaborated to set up USD 150 million fund that will invest in startups working in areas like agriculture, renewable energy and e-waste management. The ‘Massive Fund’ is India’s first stage-agnostic, sector-focused and deep science fund that aims to target large problems being faced by humanity in the areas of food and agriculture, air and water pollution, renewable energy, e-waste and plastic among others, a statement said. The fund will raise capital from institutional and high net-worth investors who are aligned with the objective of saving the environment.

“This fund will undertake investments in startups, companies and individuals working on the agenda of pollution reduction aligned with the United Nations Sustainable Development Goals,” it said. The fund aims to build an ecosystem for reducing pollution by partnering with academia, R&D labs, mentors, professionals and venture funds across the country.

“There is an urgent need for bringing in technological solutions for reducing pollution. Through this initiative, we will provide adequate funding for innovations that can reduce air, water and plastic pollution efficiently on the scale,” Sharma said.

Shailesh Vickram Singh, Managing Partner at Massive Fund, said the fund aims to encourage young entrepreneurs to innovate and build solutions such as pesticide-free food, plastic removal, biodegradable packaging, etc.

“We will support our portfolio companies with high-end R&D labs and take insights from research institutes, scientists and academia. We will also facilitate interactions with large industrial conglomerates to validate and utilise their new-age tech solutions,” he added.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Govt proposes capping surge pricing by cab aggregators like Ola & Uber at 1.5 times of base fare
2Offload unsold inventories, don’t hang on to it: Union minister Hardeep Singh Puri tells builders
3Irdai gives in-principle approval for Bharti AXA-ICICI Lombard deal