Infosys Ltd plans to invest USD 250 million (INR 1,554 crore) in “Innovate In India Fund”, aimed at supporting startups and new ideas.
The funding plan was announced by Infosys Chief Executive Officer and Managing Director Vishal Sikka in a meeting with the Prime Minister Narendra Modi in New Delhi, as according to a The Hindu report.
Infosys’ Innovate in India Fund will fund startups in India, and will help them scale up their technology and operations. “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,” said Vishal Sikka, Infosys CEO and MD.
The fund will invest in technology startups in areas such as artificial intelligence (AI), automation, Internet of Things or IoT, collaboration and design.
In November 2014, Xiaomi had announced its plans of investing in startups in India. Necessarily investing in technology startups with an aim to build a startup ecosystem in India. Also, the Indian Government, in the wake of becoming a technologically savvy nation, had announced its plans of investing 1.6B to support startups.
PM Modi’s vision “Digital India”, seems to be coming live with all the funds being raised to support technology, new ideas and budding companies. Soon a tech savvy nation can be envisioned.