“Given how transformative and important AI is, I hope we can see more companies building in India, not only for India but also for the world,” he said at the inaugural edition of The Economic Times India Ascends held in New Delhi.
“Certainly, there’s a lot of talent in our country. Some of those people are building out in the West, and we hope that more people will build in India,” he added.
Peak XV Partners has invested in AI startups like Sarvam AI, InVideo and Cloudphysician.
On October 22, Surge, Peak XV’s accelerator programme for early-stage startups, selected 14 companies for its tenth cohort, focusing on artificial intelligence, financial services, consumer sectors and healthcare.
According to Sarbvir Singh, joint CEO, PB Fintech, new AI tools now provide opportunities to gain fresh insights.
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“Today, we use it across a variety of applications. One is speech recognition because we have a lot of voice data, so we have built our own models on top of the existing ones. Secondly, we speak over telephone lines, which do not have great fidelity. So, we need to work on that. Then we worked on risk because we are in the risk business. We have worked on how to measure risk, and we are also working on improving efficiency,” he said.However, many companies still face challenges in organising their data effectively, despite having access to these tools.
“We don’t have the data organized properly. While I’m sure we are working on developing the tools in India, the fact remains that the models come from outside,” Singh said. “So, the foundational models are not ours; they are available off the shelf. The real opportunity now lies in our ability to deploy and use them effectively.”
According to Singh, AI can be challenging, as the model may produce different outputs for the same input, which becomes difficult in the insurance sector.
Singh also said that not everyone understands the technology, and therefore, only experts in the domain should be taken seriously. “Senior management may not be the best person in this case,” he said.
On October 15, ET reported that venture capitalists and private equity firms are not the only ones betting on the GenAI race, India’s family offices are also backing AI startups in India and abroad.
Between 2021 and September 2024, Indian family offices invested close to $570 million in AI-focused companies with such allocations growing year-on-year, data sourced from data intelligence platform Traxcn showed.