Together Fund’s cofounder and managing partner Manav Garg joined AI startup Emergent as executive chairman two years after first backing the company
Garg said he will work with Emergent’s leadership team on strategy, partnerships, governance and scaling the business as it enters its next phase of growth
Garg added that Emergent’s focus on helping businesses operate differently, rather than simply helping developers build software faster, was a key factor behind his decision
Together Fund’s cofounder and managing partner Manav Garg joined AI startup Emergent as executive chairman two years after first backing the company.
In a LinkedIn post today, Garg said he will work with Emergent’s leadership team on strategy, partnerships, governance and scaling the business as it enters its next phase of growth.
He believes that AI will fundamentally change how businesses operate, prompting the switch. He argued that while the first wave of AI reshaped content creation and the current wave is focused on software development, the next phase will see AI become a core operating layer for businesses.
He said he has spent the last 18 months working closely with Emergent’s founders, Mukund and Madhav Jha. The relationship evolved over time as he became more involved with the company’s vision, product and long-term plans.
Garg added that Emergent’s focus on helping businesses operate differently, rather than simply helping developers build software faster, was a key factor behind his decision.
The announcement does not mark an exit from Together Fund. Garg said he will continue to support and manage the venture capital firm’s portfolio across its first and second funds.
Founded in 2021 by Garg and ex- Freshworks CEO Girish Mathrubootham, Together Fund backs early-stage startups across AI, software, fintech and enterprise technology.
It is pertinent to note that investor interest in AI startups has been steadily evolving in recent times globally as businesses double down on AI-driven tools that can automate processes and workflows. Garg said he sees AI as one of the biggest opportunities yet to build globally significant technology companies from India.
Over the past few months, investor interest in Indian AI startups has continued to accelerate. In April, Bengaluru-based AI startup Sarvam AI was reported to be in discussions to raise $250 Mn at a valuation of about $1.5 Bn, with backing from global investors including Nvidia and Bessemer Venture Partners.
The startup has also rolled out India-focused large language models and launched a startup programme aimed at supporting early-stage AI companies.
More recently, investors have also been doubling down on specialised AI startups. Gurugram-based AI video startup TrueFan raised $10 Mn in a funding round led by Baring Private Equity Partners India and Z3Partners, while Peak XV Partners is reportedly in talks to back enterprise voice AI startup Ringg AI.
The momentum is also extending beyond traditional venture firms.
Last month, Bajaj Finserv announced plans to invest between ₹1,500 Cr and ₹2,000 Cr in emerging technology ventures through a new unit focused on AI, fintech and cybersecurity startups.
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