MeitY and the Indian Venture and Alternate Capital Association (IVCA) have mobilised ₹500 Cr in VC commitments for Indian AI startups at the ‘India AI Impact Summit 2026’
Separately, Peak XV said it has backed over five early-stage AI startups that showcased their products and services at the PitchFest
Meanwhile, IT minister Ashwini Vaishnaw announced that in the next two years, about $200 Bn would be poured into the Indian AI ecosystem
The Ministry of Electronics and Information Technology (MeitY) and the Indian Venture and Alternate Capital Association (IVCA) have mobilised ₹500 Cr in VC commitments for Indian AI startups at the ‘India AI Impact Summit 2026’ in New Delhi.
The announcement was made during the Impact AI PitchFest, where 31 AI-native startups showcased their products to investors.
Sixteen IVCA member funds collectively committed ₹500 Cr to support high-potential AI startups. The participating investors included 3one4 Capital, 888VC, Accel, Ankur Capital, Antler, Boundless Ventures, Capital A, Chiratae Ventures, Dallas Venture Capital, Inflection Point Ventures, Mount Growth Fund, Peak XV Partners, Piper Serica, Prosus, Seafund, and SenseAI Ventures.
The capital is aimed at supporting deployable AI solutions across enterprise and public-impact sectors.
Peak XV Backs Five AI Startups
Separately, Peak XV said it has backed over five early-stage AI startups that showcased their products and services at the PitchFest. Companion Labs, Kello, Memfold AI, Round1 and Zoop are the five startups that bagged funding.
The VC firm said that the focus has shifted beyond basic tools and to startups that guide decisions, automate workflows and reduce friction in everyday work and life.
The five startups operate across different segments. While Companion Labs is building vernacular AI-led entertainment experiences, Kello is developing a hiring and career intelligence platform and claims to have mapped over 3.2 Cr professionals.
While Memfold AI is building AI-native workspaces for knowledge workers, Round1 runs AI-led recruitment interviews and conducts over 500 interviews a day. Zoop is building an AI-powered live commerce marketplace for offline sellers.
Focus On Scalable, Responsible AI
At the Summit, MeitY officials said that India’s AI strategy is focused on real-world deployment and public value. IVCA leaders said the ₹500 Cr commitment reflects investor confidence in Indian AI founders and signals deeper alignment between policy and capital.
Earlier today, IT minister Ashwini Vaishnaw announced that in the next two years, about $200 Bn would be poured into the Indian AI ecosystem.
Vaishnaw also announced that the union government will place orders for 20,000 GPUs soon to strengthen the country’s AI infrastructure. The move is aimed at building large-scale compute capacity in India and supporting startups, researchers and enterprises developing AI models and applications.
The India AI Impact Summit 2026 is being held at Bharat Mandapam in New Delhi and will continue through the week, bringing together policymakers, founders and investors to shape the next phase of India’s AI ecosystem.
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