Infosys has created a $250 million (Rs 1,550 crore) 'Innovate in India Fund’ to invest in Indian start-ups.
It will be dedicated for investments in promising new Indian companies that will be inducted into the global ecosystem of strategic partners that Infosys is building, the company said in a statement.
The fund was announced by Infosys Chief Executive Officer and Managing Director Vishal Sikka in a meeting with the Prime Minister Narendra Modi in New Delhi.
“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,” Sikka said.
Earlier, Infosys has expanded its innovation fund to $500 million to accelerate the creation of its worldwide ecosystem of innovation.
The fund will be used to invest in young companies innovating in next-generation solutions and technologies such as Artificial Intelligence (AI), automation, pervasive connectedness as well as collaboration and design technologies.