New Delhi [India], On the reluctance of venture capitalists (VCs) to fund AI companies in India, Rajan Anandan, CEO of PeakXV Partners and Surge, said investors are betting on companies using AI-based applications. AI to offer solutions. , unlike the US where investors fund AI startups.
Speaking on the second day of the India World AI Summit 2024, organized by the Ministry of Electronics and Information Technology (MeitY) in New Delhi, Anandan said the AI landscape in the US and India is different.
Rajan Anandan highlighted that startup opportunities in India are completely different from those in the United States. In the United States and its bay, everything revolves around AI. While startup opportunities in India are all about artificial intelligence, India presents a unique opportunity combined with artificial intelligence and its associated uses to solve specific consumer needs and problems.
"Today, India is being built. As it is built, it needs more brands, hospitals, retailers, schools, financial institutions, banks, lenders, insurance companies, and we will need more basic technology, such as semiconductors, etc." Anandan explained.
He said what is being seen in India today is a very different AI ecosystem. It is much more vibrant and diverse than in other countries.
Underlining new trends in the startup investment ecosystem, he said that we are starting to see a very different fabric of AI application companies in India, companies that are leveraging AI to create useful applications where investments can be seen .
He said these companies are working in sectors such as consumer applications, healthcare, insurance, agricultural services, among others.
India has no shortage of capital, there is almost $20 billion in dry powder among venture capitalists and private equity firms. Dry powder refers to the committed but unallocated capital that a company has on hand.
Highlighting the success of India's digital initiatives such as digital payments, he said we always assume that India is behind whenever a new technology comes, but the country has proven that it is better at rapidly adopting disruptive technologies. "We don't have to be first or second, but we are the best," he added.
Going forward, Anandan advocated bringing AI researchers back to the country, citing the successful case of China.
Peak XV partners have made 25 AI investments over the past year and a half. Venture capitalists are investing their funds in the most interesting companies that are dedicated to providing unique solutions to consumers.
Hosted by MeitY, the two-day India World AI Summit 2024 was inaugurated on Wednesday by Union Minister Ashwini Vaishnaw. The event brought together a distinguished assembly of international delegates, AI experts and policy makers.
Organized in the context of India's leadership role in the Global Partnership on Artificial Intelligence (GPAI), the summit aims to address the multifaceted challenges and opportunities presented by AI.
Focusing on computing power, fundamental models, datasets, application development, future skills, startup funding, and safe and trustworthy AI, the event promises a comprehensive exploration of the AI landscape.
Speaking on the second day of the India World AI Summit 2024, organized by the Ministry of Electronics and Information Technology (MeitY) in New Delhi, Anandan said the AI landscape in the US and India is different.
Rajan Anandan highlighted that startup opportunities in India are completely different from those in the United States. In the United States and its bay, everything revolves around AI. While startup opportunities in India are all about artificial intelligence, India presents a unique opportunity combined with artificial intelligence and its associated uses to solve specific consumer needs and problems.
"Today, India is being built. As it is built, it needs more brands, hospitals, retailers, schools, financial institutions, banks, lenders, insurance companies, and we will need more basic technology, such as semiconductors, etc." Anandan explained.
He said what is being seen in India today is a very different AI ecosystem. It is much more vibrant and diverse than in other countries.
Underlining new trends in the startup investment ecosystem, he said that we are starting to see a very different fabric of AI application companies in India, companies that are leveraging AI to create useful applications where investments can be seen .
He said these companies are working in sectors such as consumer applications, healthcare, insurance, agricultural services, among others.
India has no shortage of capital, there is almost $20 billion in dry powder among venture capitalists and private equity firms. Dry powder refers to the committed but unallocated capital that a company has on hand.
Highlighting the success of India's digital initiatives such as digital payments, he said we always assume that India is behind whenever a new technology comes, but the country has proven that it is better at rapidly adopting disruptive technologies. "We don't have to be first or second, but we are the best," he added.
Going forward, Anandan advocated bringing AI researchers back to the country, citing the successful case of China.
Peak XV partners have made 25 AI investments over the past year and a half. Venture capitalists are investing their funds in the most interesting companies that are dedicated to providing unique solutions to consumers.
Hosted by MeitY, the two-day India World AI Summit 2024 was inaugurated on Wednesday by Union Minister Ashwini Vaishnaw. The event brought together a distinguished assembly of international delegates, AI experts and policy makers.
Organized in the context of India's leadership role in the Global Partnership on Artificial Intelligence (GPAI), the summit aims to address the multifaceted challenges and opportunities presented by AI.
Focusing on computing power, fundamental models, datasets, application development, future skills, startup funding, and safe and trustworthy AI, the event promises a comprehensive exploration of the AI landscape.
