Infosys, a leader in consulting, technology, outsourcing and next-generation services, today announced the creation of a USD 250 million (Rs 15.50 billion) 'Innovate in India Fund’ from its recently expanded Innovation Fund. The Innovate in India Fund, announced by Vishal Sikka, chief executive officer and managing director in a meeting with the Prime Minister Narendra Modi, in New Delhi, will be dedicated for investments in promising new Indian companies that will be inducted into the global ecosystem of strategic partners that Infosys is building.

Earlier, Infosys stated that it has expanded its Innovation Fund to USD 500 million to accelerate the creation of its worldwide ecosystem of innovation. 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.

Sikka said, ''Start-ups 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. Next-generation solutions built on emerging computing technologies, in innovative new ways, can dramatically reshape and improve the world around us. That's why, we look forward to working with innovative companies to strengthen our collective potential and also accelerate the success of the Prime Minister's 'Digital India' mission aimed at helping people gain benefits from the latest in information technology.''

Shares of the company gained Rs 41.55, or 1.99%, to settle at Rs 2,128.80 at the BSE (Wednesday).