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The second largest IT firm in India, Infosys has created a $250 Mn ‘Innovate in India Fund’ to invest in Indian startups. The new fund will be dedicated for investments in early stage startups that will be inducted into the global ecosystem of strategic partners that the company is building.

The announcement was made by Infosys, Chief Executive Officer and Managing Director Vishal Sikka during his meeting with Prime Minister Narendra Modi.

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While announcing this fund Sikka said, “Startups 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.”

Recently, the IT firm has expanded its innovation fund to $500 Mn to accelerate the creation of its worldwide ecosystem of innovation and appointed Deepak Padki, Infosys’s former head of M&A to lead this engagement with the startups.

Related: Infosys Bets Big On Tech Startups

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.

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