Latest news with #SanjeevBikhchandani
Mint
3 days ago
- Business
- Mint
IndiaAI Mission gets 16,000 new GPUs, three more foundational models
New Delhi: The Union government on Friday approved the empanelment of 15,640 new graphic processing unit (GPU) processors from data centre and cloud service providers, and also appointed three new startups that will get access to these chips for free, to train their artificial intelligence models. Sanjeev Bikhchandani's Info Edge Ventures-backed AI startup, was one of the three startups appointed to build a sovereign foundational AI model for voice-based AI services. The startup will build a 14-billion parameter voice AI model and real-time speech processing and 'advanced reasoning capabilities.' Foundational AI models are typically better when they are based on larger volumes of training data. But, smaller models are less expensive to train, are more targeted towards specific industries, and are easier to run. The other two startups appointed include Bengaluru-based Sokal AI Labs, and Noida-based Gan AI. While Sokai AI is building a 120-billion parameter foundational AI model catering to defence, education and healthcare sectors, Gan AI will build a 70-billion parameter multilingual foundational model for varied applications. Sovereign AI models refer to foundational algorithms built for usage in generative AI applications, but not by global companies. Sovereign models are typically trained on a nation's indigenous datasets, which theoretically help in adding local market data, language and context to AI applications. The three startups join Peak XV-backed Sarvam AI, which became the first startup appointed by the ministry of electronics and information technology (Meity) to build a foundational AI model for India. Union IT minister Ashwini Vaishnaw said that the first of the four foundational models will be rolled out before the end of 2025. In terms of compute, Hiranandani Group's Yotta Data Services was empanelled by Meity a second time, and will supply over 8,000 units of Nvidia's B200 GPUs to cater to the mission. A senior official with direct knowledge of the matter said requesting anonymity that the GPUs will be brought into service within the next two to three months, as Yotta is still in the process of installing them in its data centres. Sify Digital Services was also a part of the empanelled GPU providers, and will supply an unspecified number of Nvidia's H100, H200 and L4 GPU chips. Access to these GPUs is crucial in terms of training AI models. Ganesh Gopalan, chief executive of told Mint that the government empanelment will reduce the company's operating cost to 'one-tenth of what it was before.' Abhishek Upperwal, chief executive of Soket AI, added that 'over 70%' of the company's cost of research and development, as well as training of AI models, are linked to access to GPUs for computing power. 'This is the least possible cost of compute that we're getting access to. We're in talks with venture capital firms for a seed funding round in order to accelerate our research, and within the next one year, a version of our foundational model should be ready,' Upperwal said. Abhishek Singh, chief executive of India AI Mission and additional secretary, Meity, added that the Centre had received 'more than 500 applications for developing India's foundational models.' 'There will be more startup selections in the next few days. On 9 June, Meity is also meeting applicants to empanel more cloud compute providers, and there will be a rolling empanelment process where vendors will be brought online as and when required,' Singh added. The $1.2-billion IndiaAI Mission is tasked with backing startups to build foundational AI models in India, create a subsidized cloud compute platform to help academia, researchers and startups access GPUs to train AI models, and create datasets in Indian languages to train AI models. It is also set to build a marketplace to help startups developing AI models to sell their services to clients. Access to a foundational model is expected to reduce a nation's dependence on other countries for what is being viewed as a fundamental piece of technology going forward. Entrepreneurs added that the development can amplify market outreach for startups building sovereign AI models. 'The government itself can be a key client. But additionally, reducing the cost of compute can help startups build models more efficiently, which in turn can reduce the need for capital that is the biggest cost factor behind developing AI models and conducting R&D,' Gopalan added. Vaishnaw added that the new announcements mark 'significant progress' under the goals set forth by the IndiaAI Mission. 'We have 367 datasets on the mission's non-personal data platform, AI Kosh. The entire ecosystem is being built right now in AI, and the IT industry should capture this transition as an opportunity, rather than be disrupted by it. AI development is also creating an opportunity to reverse India's brain drain, and bring talented engineers back to the country,' the minister said.
Entrepreneur
26-05-2025
- Business
- Entrepreneur
Info Edge India Approves INR 1,000 Cr Investment in Venture Fund III
Fund III aims to fuel the next generation of tech-driven startups in India. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. In a bold move reflecting its enduring faith in India's startup ecosystem, Info Edge India has secured shareholder approval to invest up to INR 1,000 crore in its latest venture initiative, IE Venture Investment Fund III. As revealed in its BSE filings, the decision was nearly unanimous. "Results of the Info Edge shareholders postal ballot are in. The proposal to invest up to INR 1000 crores in Info Edge Ventures Fund 3 was approved with 99.9995% of votes in favour. Thank you for the vote of confidence in our investing abilities shareholders," said Sanjeev Bikhchandani, Founder and Executive Vice Chairman, in a post on X. Announced in February, Fund III aims to fuel the next generation of tech-driven startups in India. Continuing its strategic alliance with Singapore's sovereign wealth fund, Temasek, this new fund is expected to exceed INR 2,000 crore, amplifying Info Edge's influence in the venture landscape. The company's track record speaks volumes. Its landmark investment in Zomato, which began at INR 4.7 crore, grew exponentially, culminating in a INR 3,000 crore windfall post-IPO in 2021. This success underscored Info Edge's knack for identifying and nurturing high-potential ventures. Beyond Zomato, the firm has backed names like Policybazaar, NoBroker, and Adda247, investing over INR 2,000 crore in startups across sectors. Rather than seek control, Info Edge typically takes minority stakes, offering strategic support to help founders scale sustainably. With Fund III now underway, the company looks poised to write the next chapter in India's entrepreneurial success story.
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Business Standard
25-05-2025
- Business
- Business Standard
Info Edge shareholders approve ₹1,000-cr investment in venture fund III
Shareholders of Info Edge (India) Ltd, the company behind job portal have approved a plan to invest up to ₹1,000 crore in its third venture fund. The infusion will enable the Noida-based firm to increase its backing of early-stage startups, reinforcing its strategy to expand its presence in India's growing venture capital ecosystem. 'In connection with the above, we hereby inform that the members of the company have approved the aforesaid resolution with requisite majority through remote e-voting postal ballot process as set out in the Postal Ballot Notice, and the approval is deemed to have been received on the last date specified by the company for remote e-voting, i.e. Saturday, 24 May 2025,' Info Edge said in a stock exchange filing on Saturday. Smartweb Internet Services Ltd, a fully owned subsidiary of Info Edge, will serve as the fund's investment manager and sponsor. The proposal was cleared with 99.9995 per cent votes in favour, co-founder Sanjeev Bikhchandani wrote in a post on X (formerly Twitter). 'Results of the Info Edge shareholders' postal ballot are in. The proposal to invest up to ₹1,000 crores in Info Edge Ventures Fund 3 was approved with 99.9995% of votes in favour. Thank you for the vote of confidence in our investing abilities, shareholders,' Bikhchandani posted on X on Sunday. Info Edge has played a key role as an early investor in India's startup landscape, backing companies like Zomato (now Eternal) and PB Fintech (Policybazaar). In a recent letter to shareholders, founder Bikhchandani reported that Info Edge's combined holdings in these firms were valued at approximately ₹31,500 crore ($3.7 billion) as of 31 March 2025.
Time of India
25-05-2025
- Business
- Time of India
Info Edge shareholders approve Rs 1,000 crore investment in its VC fund
Shareholders of Info Edge (India) Ltd, the parent of have approved a proposal to invest up to Rs 1,000 crore in Info Edge Ventures Fund III, paving the way for the Noida-based firm to ramp up its startup investments . Smartweb Internet Services Ltd, a wholly owned subsidiary of Info Edge, will act as both the investment manager and sponsor of the fund. 'The members of the company have approved the resolution with requisite majority through remote e-voting/postal ballot,' Info Edge said in a stock exchange filing on Saturday. A total of 1,274 members participated in the vote, of which 1,271 valid votes were considered. The proposal was cleared with 99.9995% votes in favour, cofounder Sanjeev Bikhchandani wrote in a post on X (formerly Twitter). — sbikh (@sbikh) Live Events Info Edge has been an early investor in the Indian startup ecosystem, with bets on companies such as Zomato (now Eternal ) and PB Fintech ( Policybazaar ). Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Earlier this month, Bikhchandani said in a letter to shareholders that Info Edge's stakes in Zomato and PB Fintech were together valued at Rs 31,500 crore (approx. $3.7 billion) as of March 31, 2025. Investment snapshot: Total capital deployed across startups: Rs 3,959 crore (approx. $467 million) Fair market value of investments: Rs 36,855 crore (approx. $4.3 billion) Gross internal rate of return (IRR): Over 36% annually Number of companies backed: 111 Startups with co-investors/follow-on rounds: 76
Economic Times
25-05-2025
- Business
- Economic Times
Info Edge to invest Rs 1,000 crore in VC fund with shareholders' nod
parent Info Edge has received shareholders' approval to invest up to Rs 1,000 crore in Info Edge Venture Investment Fund will enable the firm to invest in more startups. Smartweb Internet Services Ltd., a wholly owned subsidiary of Info Edge, will act as both the investment manager and sponsor of the fund.'The members of the company have approved the resolution with requisite majority through remote e-voting postal ballot,' it said in an exchange filing on Saturday.A total of 1,274 members participated, with 1,271 valid votes considered, it said. 'The proposal to invest up to Rs 1,000 crores in Info Edge Venture Investment Fund III was approved with 99.9995% of votes in favour,' the Noida-based firm's cofounder Sanjeev Bikhchandani said in a post on X. Info Edge started investing in startups with Zomato (now Eternal) and PB Fintech. Earlier this month, Bikhchandani in a letter to its shareholders said that Info Edge's stakes in Zomato and Policybazaar are together valued at Rs 31,500 crore, or around $3.7 billion, as of March 31. Overall, Info Edge has invested Rs 3,959 crore ($467 million) across startups from its balance sheet as well as its venture fund, and pegs the fair market value of these investments at Rs 36,855 crore, or approximately $4.3 billion – making it a gross internal rate of return of over 36% per firm has invested in 111 companies, of which 76 have tapped institutional co-investors or follow-on investors, he noted.
