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Time of India
29-07-2025
- Business
- Time of India
ET Soonicorns Summit 2025: AI investments in Indian startup ecosystem—chasing hype or backing deal disruption?
Academy Empower your mind, elevate your skills Rutvik Doshi - Managing Director and General Partner, Athera Venture Partners: With a rich background that spans engineering from IIT, Kharagpur, an MBA from INSEAD, and operational roles at Google, Rutvik Doshi brings a wealth of experience to the table. Having transitioned to venture investing in 2012, he has been at the forefront of India's evolving startup ecosystem. Athera Venture Partners (formerly Inventus India) has a stated focus on early-stage, tech-focused startups, including those in the AI and emerging technology sectors. Doshi's presence on the boards of numerous tech companies gives him a ground-level view of the challenges and opportunities for AI startups. His perspective will be crucial in understanding how a seasoned investor evaluates the long-term viability of AI companies beyond the initial hype. Manav Garg - Co-Founder and Managing Partner, Together: A serial entrepreneur who successfully built and exited Eka Software Solutions, a global leader in commodity management software, Manav Garg brings a founder's perspective to the world of venture capital. His firm, Together, co-founded with Freshworks' Girish Mathrubootham, is sharply focused on early-stage software-as-a-service (SaaS) and AI startups. With a new $150 million fund aimed at backing 19-20 AI startups, Garg is making a significant bet on the future of AI in India. He has been vocal about the potential for AI startups to scale revenue faster than traditional SaaS players by solving specific domain problems. His insights will be invaluable in understanding the operational and market-facing realities of building an AI-first company. Sanjay Swamy - Managing Partner and Co-Founder, Prime Venture Partners: A veteran of the Indian technology scene, Sanjay Swamy has been both a technologist and a venture capitalist. His experience includes a stint with the UIDAI project (Aadhaar) and as CEO of mobile payments company mChek. Prime Venture Partners, under his leadership, has been a key early-stage investor in a number of successful startups. With a focus on building disruptive product companies, Prime Venture Partners has recently been active in the Gen AI space. Swamy is known for his disciplined and hands-on approach to investing, focusing on long-term sustainable growth rather than just chasing unicorns. His pragmatic approach will provide a much-needed reality check on the current state of AI investments. Manish Singhal - Founding Partner, pi Ventures: Manish Singhal is a pioneer in deep-tech investing in India. An alumnus of IIT Kanpur with a background in technology and product development, he founded pi Ventures with a clear focus on investing in startups leveraging AI, machine learning, and IoT to solve real-world problems. His investment philosophy is not to invest in technology for its own sake, but in companies where technology is a means to an end, creating a '10x difference'. With a portfolio that includes innovative companies in healthcare and logistics, Singhal's perspective will be critical in understanding the nuances of investing in deep-tech AI and the importance of intellectual property. Manish Singhal is a pioneer in deep-tech investing in India. An alumnus of IIT Kanpur with a background in technology and product development, he founded pi Ventures with a clear focus on investing in startups leveraging AI, machine learning, and IoT to solve real-world problems. His investment philosophy is not to invest in technology for its own sake, but in companies where technology is a means to an end, creating a '10x difference'. With a portfolio that includes innovative companies in healthcare and logistics, Singhal's perspective will be critical in understanding the nuances of investing in deep-tech AI and the importance of intellectual property. Suhas Gopinath - Founder & CEO, Globals Inc:Recognised as one of the world's youngest CEOs when he founded his company at the age of 14, Suhas Gopinath brings a unique and inspiring entrepreneurial journey to the discussion. His company, Globals Inc., focuses on a range of technology solutions, including AI-driven enterprise applications and cybersecurity. Gopinath has been actively involved in discussions around the role of AI in cybersecurity, highlighting both its potential for defence and its use in sophisticated cyberattacks. His experience as a founder who has navigated multiple technology cycles will provide a valuable perspective on the practical challenges and opportunities of building and scaling a technology business in India. The global technology landscape is currently in the throes of an artificial intelligence (AI) revolution, a seismic shift that is reshaping industries, redefining business models, and commanding a lion's share of global venture capital. For India, a nation with aspirations of becoming a global technology powerhouse, this AI wave presents both a monumental opportunity and a critical strategic crossroads. The upcoming ET Soonicorns Summit 2025, a premier startup event by The Economic Times dedicated to fostering India's future unicorns, will address this very conundrum in a keenly anticipated session on 22 August 2025 in Doshi - Managing Director and General Partner, Athera Venture Partners; Manav Garg - Co-Founder and Managing Partner, Together; Sanjay Swamy - Managing Partner and Co-Founder, Prime Venture Partners; Manish Singhal - Founding Partner, pi Ventures; Suhas Gopinath - Founder & CEO, Globals Inc, will deliberate on the opening panel discussion, titled 'AI Investments in India—Chasing Hype Or Backing Real Disruption?'. The session will bring together leading venture capitalists (VCs) and Indian startup founders to dissect the flow of capital in India's burgeoning AI ecosystem and debate whether current investment strategies are truly nurturing the next generation of AI innovators or merely caught in a cycle of discourse around AI in India has reached a fever pitch. A 2025 report by Lenovo-IDC predicts that AI spending in India is set to grow . This surge in investment is a testament to the immense potential that investors and corporations see in AI. Indian companies are leading the world in AI confidence, with a significant majority planning to increase their AI budgets. However, amidst this optimistic outlook, a crucial question looms large: Are Indian investors backing genuine, deep-tech innovation, or are they being swayed by the pervasive hype surrounding AI?The session's central theme revolves around a fundamental dilemma for Indian VCs. Should they channel their funds into ambitious, long-term 'deep-tech' plays, such as the development of foundational models and core AI infrastructure, which have the potential for massive, global impact but also carry significant risk and long gestation periods? Or should they focus on the seemingly safer bet of 'applied AI' startups that are leveraging existing AI technologies to solve specific, industry-related problems in sectors such as healthcare, finance, and agriculture?While a vast number of startups today claim to be 'AI-driven,' a critical distinction must be made. The true differentiators are the 'AI-first' companies, where artificial intelligence is not merely a feature or an add-on but the very core of their product and value proposition. These are the companies that are not just using AI, but are actively building and innovating with it. The session will delve into whether Indian VCs and the larger startup ecosystem are strategically identifying and nurturing these AI-first companies that can build sustainable, defensible 'moats' against competition, or if the current investment tide is leading to a proliferation of superficially 'AI-enabled' businesses without a solid technological to the complexity of the Indian AI landscape are challenges such as the scarcity of high-quality labelled data and affordable computing infrastructure, which are crucial for building and scaling robust AI solutions. Furthermore, there is a noted shortage of patient, deep-tech investment needed to sustain capital-intensive AI ventures through their scaling journey. These hurdles make the strategic allocation of capital even more critical for the long-term success of India's AI navigate these complex questions and provide invaluable insights, the ET Soonicorns Summit 2025 has assembled a panel of distinguished speakers, each with a unique perspective and deep experience in the Indian technology and investment 'AI Investments in India—Chasing Hype Or Backing Real Disruption?' session at the ET Soonicorns Summit 2025 promises to be a watershed moment for the Indian startup ecosystem. By bringing together these diverse and influential voices, the summit aims to move beyond the superficial discourse surrounding AI and delve into the strategic imperatives that will shape India's future as an AI powerhouse.360 One is the presenting partner of the ET Soonicorns Summit 2025
Time of India
04-07-2025
- Business
- Time of India
Behind the term sheets: Prime, Lightspeed, Together, and pi Ventures take on the AI ‘hype vs real' debate at ET Soonicorns Summit 2025
Where's the smart money going in Indian AI? Expect sparks to fly on the ET Soonicorns Summit 2025 mainstage as some of India's top VCs are set to set the record straight on AI investments in India. The one debate that could shape India's next AI leaders. Mark the date: 22 August, Bengaluru. Register now! Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ET Special ( Originally published on Jul 03, 2025 ) The Indian artificial intelligence (AI) startup ecosystem is at a tipping every second pitch deck claiming to be 'AI-powered,' India's top venture capitalists (VCs) are asking the hard question: Are we funding the future or falling for the hype?This high-stakes debate will take centre stage at ET Soonicorns Summit 2025 on August 22 in Bengaluru, where some of India's most influential investors will dissect the AI investment landscape with unprecedented candour. The session 'AI Investments in India—Chasing Hype Or Backing Real Disruption?' promises to be one of the most anticipated conversations of the summit, featuring powerhouse VCs overseeing significant venture capital portfolios., Managing Partner, Prime Venture Partners, Partner, Lightspeed Ventures, Founding Partner, pi Ventures, CEO, Eka Software and Co-Founder, Together Fund, General Partner, Athera Venture Partners, Founder & CEO, Globals IncIndia's AI startup ecosystem shows resilience as VCs maintain strong interest in application-layer companies, even as total funding dropped to $747 million in 2024—down 26% year-over-year, per data from Venture Intelligence. However, the deal count tells a different story, jumping to 121 transactions from 78 in global tech behemoths such as Apple and Meta are accelerating their AI acquisition hunt, with Apple executives reportedly exploring a possible acquisition of AI startup Perplexity as part of their strategy to compete in the AI landscape. As of now, Startup India recognises 154,719 startups across the country, including 2,915 focused on AI, which have together created 23,918 beyond the numbers, the Indian AI investment landscape seems to be experiencing a fascinating schism that's keeping VCs awake at one side, ambitious founders are pitching foundation models and AI infrastructure plays—the 'moonshot' category that demands patient capital and technical prowess. On the other hand, applied AI startups promise quicker returns by solving industry-specific problems with proven AI AI dominating global venture capital flows, Indian investors find themselves at a crossroads. Should they back ambitious deep-tech plays such as foundation models and AI infrastructure, or focus on applied AI startups solving industry-specific problems? The stakes couldn't be higher— India's AI market is projected to reach $17 billion by 2027 , yet questions persist about whether Indian startups can compete globally with tech giants, including OpenAI, Anthropic, and Google real differentiation, industry experts argue, lies in AI-first companies—those where AI isn't just an add-on but the core product and value proposition. Are Indian VCs and unicorns placing strategic bets on companies that can build enduring moats, or are they caught in the hype cycle? This fundamental question will drive the conversation at the ET Soonicorns Summit 2025 under the first track: AI and Deep Tech Swamy, Managing Partner, Prime Venture Partners; Hemant Mohapatra, Partner, Lightspeed Ventures; Manish Singhal, Founding Partner, pi Ventures; Manav Garg, CEO, Eka Software and Co-Founder, Together Fund; Rutvik Doshi, General Partner, Athera Venture Partners; and, Suhas Gopinath, Founder & CEO, Globals Inc will take to the opening session of the ET Soonicorns Summit 2025 . Bringing complementary yet contrasting investment philosophies, these seasoned investors promise fireworks when they debate the future of AI investments in Venture Partners, known for early bets on unicorns such as Myntra and NoBroker, has consistently favoured startups with clear revenue models over pure technology plays. Their contrarian approach to AI investments challenges the 'build first, monetise later' mindset prevalent in the Venture Partners brings a global perspective with a $25B portfolio, notable early-stage bets in AI-enabled companies such as Snapchat and AppDynamics. Their significant investments in Indian startups give their judgment on sustainable AI firms considerable market Ventures stands out as one of India's first deep-tech and AI-first VC funds, backing founders behind Agnikul Cosmos and SigTuple with a conviction in AI-first business Fund's operator-led approach emphasises practical, problem-solving AI—prioritising real-world traction over theoretical demos, which sets it apart from conventional pure-play Venture Partners focuses on early to growth-stage AI and tech startups, and has co-led rounds for AI players such as Hyperbots and VuNet, providing valuable insights into scaling challenges beyond Series these investors boast hundreds of AI bets, key exits, and rigorous evaluation frameworks. They consistently assess metrics like data quality, live model efficacy, and, more importantly, customer retention, which are seen as stronger signals of long-term AI startup Economic Times Soonicorns Summit 2025, India's largest gathering of soonicorns, returns to Bengaluru on August 22 for its fourth edition. This premier gathering brings together soonicorns—startups expected to reach unicorn status or $1 billion+ valuations soon—under the theme 'From Research Labs to Revenue Models: The Billion-Dollar Blueprint for Scaling Indian AI Startups.'As India's startup ecosystem matures and AI becomes the defining growth engine, ET Soonicorns Summit 2025 serves as a strategic platform for founders, VCs, CTOs, and policymakers. The summit promises not just trends but actionable takeaways for anyone building the next AI unicorn or investing in India's deep-tech timing couldn't be more critical. The country's AI talent pool—estimated at over 400,000 professionals—represents a significant competitive advantage, but only if channelled into the right isn't just another tech conference; it's where India's next AI unicorns are being built. The AI investment face-off featuring Prime, Lightspeed, pi Ventures, and Together Fund might just shape the blueprint that determines whether India becomes an AI powerhouse or remains a follower in the global AI directs roughly $16 billion annually into AI via government-led investment funds, while the United States continues to dominate global AI investment, raising $67 billion in private funding for AI startups in 2023. Against this backdrop, India cannot afford to misallocate VC capital in the race to build its own AI champions. The insights shared at this session could shape the future trajectory of Indian AI investments, making it essential viewing for anyone serious about India's AI founders, investors, and AI enthusiasts, this summit represents the convergence of India's brightest minds tackling the most pressing questions in AI for the ET Soonicorns Summit 2025 is now open with pricing at ₹20,000.360 One Wealth is the presenting partner of the ET Soonicorns Summit 2025.
Entrepreneur
18-06-2025
- Business
- Entrepreneur
illumine and Seven Raise Early-Stage Funding
The below brands have announced their latest funding rounds. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. illumine Raises USD 2.5 Mn Funding from Prime Venture Partners illumine, a fast-growing startup transforming early childhood education, has raised USD 2.5 million in seed funding from Prime Venture Partners. The funds will be used to fuel product innovation and support the company's international expansion. Founded in 2019 by Navneet Rastogi (CEO), Sourabh Agarwal (CTO), and Purva Goyal (CPO), illumine was born from Rastogi's personal experience of missing his son's first steps while at daycare — a moment that led him to reimagine how technology could bridge communication gaps in childcare. "That moment made me realise how outdated and disconnected childcare systems are," said Rastogi. illumine offers the world's first vertical AI SaaS platform for childcare, streamlining operations, supporting educators, and enhancing parent engagement. Serving over 3,000 childcare centres across 56 countries — including the US, UAE, Southeast Asia, and Europe — the platform is already a trusted tool for thousands of early education providers. "Despite parents spending thousands annually, the childcare industry remains largely untouched by modern tech," said Shripati Acharya, Partner at Prime Venture Partners. "illumine's AI-first platform improves outcomes across the board." With this funding, illumine plans to accelerate its innovation pipeline and scale globally. "Every feature we build is designed to meet the real-world needs of diverse childcare providers," said CTO Sourabh Agarwal, with CPO Purva Goyal adding, "Our platform adapts to each centre's unique requirements." Venture Catalysts Leads INR 4 Cr Investment in Seven to Advance Wearable Fintech Mumbai-based fintech startup Seven has raised INR 4 crore in a pre-series A funding round led by early-stage investor Venture Catalysts, with participation from existing backers Vinners and Anchorage Capital Partners. The funds will be used to scale production of Seven's flagship product—the 7 Ring, an indigenous, contactless payment smart ring—and launch a budget variant, 7 Ring Air, later this year. Founded in 2020 by Vijay Khubchandani, Mahek Savla, and Karthik Menon, Seven combines embedded systems and fintech innovation to create secure, tap-and-pay solutions via NFC technology. The 7 Ring, featured on Shark Tank India, is RuPay and MasterCard certified and functions without charging, smartphone dependency, or PIN entry, using a prepaid UPI wallet. "This funding enables us to deploy 30 lakh rings by 2028, transforming metro gates and kirana stores into frictionless payment zones," said Vijay Khubchandani, CEO of Seven. "We're not just building a device—we're architecting India's contactless payment infrastructure." Venture Catalysts co-founder Apoorva Ranjan Sharma added, "Seven's wearable tech is a paradigm shift, merging fashion with fintech. With 66% gross margins and zero charging needs, 7 Ring brings secure digital payments to the masses." Seven plans to expand retail presence across metro stations and major e-commerce platforms. With its IP68-rated ceramic build, metro card compatibility, and credit card tokenisation in development, Seven is well-positioned to lead India's booming digital payments sector, projected to hit INR 577 trillion by FY29.
Time of India
28-05-2025
- Business
- Time of India
Frinks AI, a manufacturing AI startup by IIT Hyderabad alumni, raises $5.4m led by Prime Ventures
Bangalore, 27th May 2025 — Frinks AI , a deep-tech startup founded by IIT Hyderabad alumni, has raised $5.4 million in a Pre-Series A round led by Prime Venture Partners , bringing its total funding to $6.25 million. The company is building next-generation Vision AI systems that help manufacturers automate and elevate quality control on their production lines. The round also saw participation from existing investor Chiratae Ventures, along with Navam Capital and Ashok Atluri, Founder of Zen Technologies. Frinks AI is additionally backed by prominent industry leaders including Mr. S Ramadorai (former MD & CEO, TCS), Dr. V Sumantran (former Executive Director, Tata Motors), Dr. Tarun Ramadorai (Prof Imperial College of London), and Dr. Gopichand Katragadda (former Group CTO, Tata Sons), who continue to support the company as strategic investors and advisors. What began as an ambitious idea in the research labs of IIT Hyderabad is now a transformative force in industrial AI. Founded by Aditya Agrawal, Dharmgya Sharma, and Subhra S. Bhattacherjee, Frinks AI is developing foundational vision models — highly generalizable AI systems purpose-built for visual inspection and quality control in manufacturing. ' With ongoing supply chain disruptions and rising global trade tensions, we're seeing a strong push toward localized manufacturing as countries prioritize internal consumption ,' said Aditya Agrawal, CEO and Co-founder of Frinks AI. ' This marks the beginning of a new industrial revolution—one powered by advanced technologies that drive higher productivity and cost efficiency. Frinks AI is at the forefront of this transformation, helping manufacturers worldwide become more competitive, resilient, and future-ready. ' Frinks AI's Vision AI platform is already in use by leading manufacturers across automobile, consumer goods, building materials, and medical devices sectors. Customers have reported measurable improvements in product quality, fewer defects, and major efficiency gains on the factory floor. With the latest funding, Frinks AI aims to scale its platform across global markets, invest aggressively in R&D, and expand its presence in the US which is a key market for such technologies. To accelerate growth, the company is actively exploring partnerships with automation companies and OEM's for a joint go-to-market initiative. These foundational models are designed to overcome long-standing reliability and generalisation challenges in industrial machine vision, by offering superior intelligence and greater adaptability. 'Visual inspection in manufacturing has been around for 50 years but owing to rule-based approach its applicability has been limited to ' said Brij Bhushan, Partner at Prime factories embrace AI-led production, Frinks AI is enabling them to achieve higher quality, lower costs, and faster turnaround. Powered by five years of deep research, its foundational vision models automate the cognitive layer of manufacturing, starting with visual inspection and quality a no-code platform, manufacturers can easily customize workflows, integrate with existing systems, and scale across lines. Today, Frinks AI's intelligence runs on over 1,000 production lines globally across automotive, consumer goods, medical devices, cement, and steel boosting throughput, reducing defects, and ensuring consistent quality.
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Business Standard
27-05-2025
- Business
- Business Standard
Bengaluru startup Frinks AI raises $5.4 mn to expand Vision AI solutions
Frinks AI, a Bengaluru-based deep-tech startup focused on machine vision for manufacturing, has raised $5.4 million in a Pre-Series A funding round. The round was led by Prime Venture Partners, with participation from Chiratae Ventures, Navam Capital, and Ashok Atluri, founder of Zen Technologies. This brings the company's total funding to $6.25 million. Founded by IIT Hyderabad alumni Aditya Agrawal, Dharmgya Sharma, and Subhra S Bhattacherjee, Frinks AI builds Vision AI systems for industrial use cases like visual inspection and quality control. According to the company, its technology is deployed across over 1,000 production lines in sectors including automotive, consumer goods, medical devices, and construction. 'With ongoing supply chain disruptions and rising global trade tensions, we're seeing a strong push toward localised manufacturing as countries prioritise internal consumption,' said Agrawal. Versatile, no-code platform Frinks AI is developing general-purpose vision models that can be adapted to different manufacturing environments. These models are designed to work with minimal training data and tackle challenges such as accuracy and deployment complexity. The startup also offers a no-code platform that lets users integrate vision AI tools into their existing production systems and customise inspection workflows. Customers have reported improvements in defect detection and production efficiency, though independent performance metrics have not been disclosed, the company said. Advisors and investor confidence Frinks AI is advised by industry veterans and academics, including S. Ramadorai (former CEO of TCS), Gopichand Katragadda (former CTO of Tata Sons), and Tarun Ramadorai (Imperial College London). Brij Bhushan, partner at Prime Venture Partners, said Frinks AI's technology addresses longstanding limitations in traditional machine vision. 'Visual inspection in manufacturing has been around for 50 years but, due to rule-based approaches, its applicability has been limited to less than 15 per cent of scenarios on a typical assembly line,' Bhushan said. 'Frinks has leveraged advancements in image processing and AI compute to develop manufacturing-specific models. By combining foundational models with in-house fine-tuning using a small set of images, Frinks is able to guarantee 99.99 per cent accuracy to its customers.' Frinks AI: Future plans With the new funding, Frinks AI plans to expand its presence in the US, invest further in R&D, and explore partnerships with OEMs and automation companies to accelerate adoption. The company aims to establish its technology as a core infrastructure layer for intelligent manufacturing globally.
