IVCA's Rs 500 Crore Boost to Propel Indian AI Innovation

The Indian Venture and Alternate Capital Association (IVCA) committed Rs 500 crore to boost AI startups in India. The funding, announced at the India AI Impact Summit, aims to encourage scalable AI solutions with support from 16 leading VC funds. This move strengthens India's AI ecosystem.

In a landmark move at the India AI Impact Summit, the Indian Venture and Alternate Capital Association (IVCA) announced a Rs 500 crore commitment to high-potential AI startups. The funding, unveiled during the Impact AI PitchFest, is backed by 16 prominent venture capital funds, including 3One4 Capital, Accel Ventures, and Antler.

The event featured 31 innovative AI startups presenting deployable solutions for both enterprise and public sectors. The initiative is a testament to India's burgeoning AI ecosystem and reflects a strategic alignment of alternative capital with the nation's digital ambitions. This collaboration is expected to bolster India's lead in responsible AI practices.

Rajat Tandon, President of IVCA, emphasized the alignment of policy, capital, and entrepreneurship as crucial for building globally competitive AI enterprises. This significant financial backing is intended to deepen investor engagement, enhance scalable deployment, and support India's broader AI goals.

(With inputs from agencies.)