Infosys’ Vishal Sikka announces $250 mn ‘Innovate in India Fund’ to support PM’s ‘Digital India’ mission

By Express News Service Last updated Jan 14, 2015

Infosys is on track to get back to industry leading growth in FY17, its CEO Vishal Sikka has said, adding that this was the target set for him when N R Narayana Murthy took over the reins as chairman for a brief period starting June, 2013.

Infosys Chief Executive Officer and MD Vishal Sikka today announced the creation of a $250 million (Rs 1,550 crore) ‘Innovate in India Fund’ from its recently expanded ‘Innovation Fund’ to boost PM Narendra Modi’s digital initiative .

The ‘Innovate in India Fund’ announced by Vishal Sikka in a meeting with PM Narendra Modi, in New Delhi, will be earmarked for investments in promising new Indian companies that will be inducted into the global ecosystem of strategic partners Infosys is currently building.

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Infosys had stated a week ago that it has expanded its Innovation Fund to $500 million to accelerate the creation of its worldwide ecosystem of innovation. The Fund will be used to invest in young companies innovating in next-generation solutions and technologies such as Artificial Intelligence (AI), automation, pervasive connectedness as well as collaboration and design technologies.

“Start-ups represent the vision, the hope and the persevering entrepreneurial spirit taking root in India. With the ‘Innovate in India Fund’, Infosys will invest in great Indian start-ups, help amplify their engineering and operations, as well as help bring their innovations to market at scale. We look forward to working with innovative companies to strengthenour collective potential and also accelerate the success of the Prime Minister’s ‘Digital India’ mission aimed at helping people gain benefits from the latest in information technology.”

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