Mumbai-based edtech leader upGrad has announced the establishment of an AI incubator with an initial allocation of Rs 100 crore. This strategic initiative aims to nurture and scale homegrown artificial intelligence startups, focusing on revolutionizing learning, skilling, and workforce development.
Key Details:
- Investment Amount: Rs 100 crore
- Objective: Incubate and acquire minority stakes in 5-6 early-stage AI startups
- Focus Areas: Development of plug-and-play AI technologies for education and skilling sectors
- First Investment: ZuAI, a Bengaluru-based startup offering AI-powered personal tutors
- Additional Initiatives: Collaboration with Microsoft to train 1 million STEM professionals in AI
Founder's Background:
upGrad was co-founded in 2015 by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, and Ravijot Chugh.
- Ronnie Screwvala: Serving as the Chairperson, Screwvala is a prominent entrepreneur known for founding UTV Group and his significant contributions to the media and entertainment industry.
- Mayank Kumar: As Managing Director, Kumar brings extensive experience in the education sector, having previously worked with Bertelsmann India Investments and The Parthenon Group.
- Phalgun Kompalli: Kompalli, serving as a Co-founder, has a background in management consulting with experience at the Boston Consulting Group.
- Ravijot Chugh: Chugh, also a Co-founder, has a background in technology and product management, having worked with 13 Colony and Housing.com.
Funding Details:
The Rs 100 crore allocated for the AI incubator is part of upGrad's broader strategy to integrate advanced technologies into the education sector. This initiative complements their recent announcement of a Rs 2,150 crore investment to establish an AI Center of Excellence in collaboration with the Maharashtra government. Additionally, upGrad has partnered with Microsoft to train 1 million STEM professionals in AI within a year, underscoring their commitment to enhancing AI capabilities in India's workforce.