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With $20 bn of dry powder for India, AI is number one thing VCs going after

Venture capitalists are sitting on $20 billion of cash to invest in Indian start-ups and the most important theme on their mind at the moment is artificial intelligence (AI), Peak XV Partners Managing Director Rajan Anandan said on December 13.

“India has $20 billion of dry powder, that is Rs 1.6 lakh crore of venture capital dry powder, waiting to be invested. And the number one thing that we’re all going after is AI,” Anandan said at the Global Partnership for AI Summit in Delhi.

“We have 400 active companies in India, about 100 of them are software product companies that are targeting the world, and 25 are AI companies,” he added.

The VC investor said that his firm has an investment thesis to look for startups applying AI products and services to solve the biggest problems of the largest companies in the world.

Prime Minister Narendra Modi inaugurated the GPAI Summit on December 14, and international delegates are expected to engage in several sessions revolving around AI. As part of the event, the government is working on a multi-country, consensus-based declaration on AI, specifically on ways to mitigate risks and foster innovation.

Meanwhile, PM Modi during his inaugural speech said that India will launch an AI Mission that would work to bring computing power into the hands of startups and innovators in the country so that they can tackle problems in areas like healthcare, agriculture and education.

The GPAI India meet marks the first major event of the alliance’s new council chair, India. The country took over from France as the GPAI council chair in November.

Bringing attention to the harmful side of artificial intelligence and terming it as being capable of “destroying the 21st century”, PM Modi had called on countries to work together during the Global Partnership on AI Summit on a global framework that will provide guardrails around AI and make it more responsible. Moneycontrol

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