Vijay Shekhar Sharma, the founder and CEO of Paytm, initiated the launch of a Category II Alternate Investment Fund (AIF) known as the 'VSS Investments Fund' on Monday. The fund has a total size of Rs 20 crore, with an additional green shoe option of Rs 10 crore. This newly established fund is dedicated to investing in Indian startups focusing on artificial intelligence and electric vehicles (EVs). These startups are to be incubated in India and have a specific emphasis on serving the needs of Indian consumers and businesses. "The Indian startup ecosystem has some of the brightest entrepreneurs in the world, and we have the potential to become a powerhouse of advanced technology and AI-driven innovations. The spirit of innovation and entrepreneurship will define India's aspiration to be a $10 trillion Atmanirbhar economy," he said in a media statement. The AIF is sponsored by VSS Investco Private Limited, owned and controlled by the Paytm founder.