Indian billionaires are increasingly embracing artificial intelligence, with the goal of achieving trillionaire status.
Recent reports indicate that billionaire Binny Bansal is launching a startup that will provide AI-as-a-service to customers worldwide, catering to their AI requirements.
After amassing a fortune in Indian e-commerce, Bansal intends to transition to the rapidly growing sector of the economy. In his latest venture, Bansal aims to assemble a team of 15 exceptional individuals, primarily consisting of AI experts.
Insider sources reveal that his objective is to offer a comprehensive range of AI products and services to corporate clients, following the business model of renowned outsourcing giants such as TCS and Infosys.
Indian tech giants such as TCS, Infosys, and Wipro, are also heavily investing in training their employees to tap into the generative AI field. Bansal’s AI startup is also notable for its emphasis on talent development and cost-effective operations in smaller Indian cities with lower costs of living. The idea is clearly focused on building up the Indian workforce.
India’s best resources are being utilized by this startup, with its main operations based in Bengaluru and its official headquarters located in Singapore, where it is currently maintaining a low profile. The company has plans to introduce its products and services in the coming months and is even considering expanding to the United States. The projected timeline for the rollout of its offerings is set for the latter half of 2024. India holds a unique advantage in the field of generative AI due to its diverse range of languages, surpassing any other country.
An example of this is Project Indus by Tech Mahindra, which is a foundational model based on Indic languages. The launch of this model is expected to take place either in December of this year or January of the following year. If Anand Mahindra’s project proves successful, it has the potential to revolutionize multilingual generative AI on a global scale.
On the other hand, Bansal’s strategy involves capitalizing on India’s large population of English-speaking youth to train professionals in various AI services. While the specific details of these services have not been disclosed, there are indications that the initial focus will be on the legal and e-commerce sectors, with potential expansions into financial services, data science, and analytics.
Vinod Khosla, the billionaire businessman and investor, delivered a speech at Forbes’ event titled “Forging the Future of Business with AI,” emphasizing the vast potential that AI offers to businesses and entrepreneurs worldwide. He highlighted that AI presents an extraordinary opportunity for entrepreneurs in the audience who aspire to establish trillion-dollar companies, surpassing the current market of Google by orders of magnitude.
During Reliance’s 46th Annual General Meeting, Mukesh Ambani unveiled his plans to develop AI models specifically tailored for India. As one of the prominent figures in India, Ambani is poised to challenge OpenAI, recognizing India’s scale, data, and talent. However, he also emphasized the necessity of AI-ready digital infrastructure capable of meeting the immense computational demands of AI. Reliance has formed a partnership with NVIDIA to pursue this mission. Similarly, Ratan Tata’s TCS, Tata Communications, and Tata Motors have also joined forces with NVIDIA to harness India’s generative AI capabilities. The company has been consistently training its employees in generative AI to further enhance their expertise.
Several billionaires have recognized the potential of AI and are investing in it. For instance, Gautam Adani has been using ChatGPT since January and is planning to establish an AI lab in Tel Aviv. Adani Digital Labs is also working on a similar project, and the Adani Group has partnered with Bengaluru to improve airport travel with AI. Similarly, Narayana Murthy and Nandan Nilkeni of Infosys have invested in generative AI and are partnering with NVIDIA to train 50,000 employees. Azim Premji of Wipro also believes that AI will dominate the next decade.
Vijay Shekhar Sharma of Paytm has launched a $3.6 million fund for investing in AI and electric vehicles, while Anil Agarwal of Vedanta is investing $5 billion in semiconductor fab in India for AI chipmaking. Kiran Mazumdar Shaw of Biocon Limited has invested in Univ.AI, an edtech startup, and Kumar Mangalam Birla of Aditya Birla Group has announced the company’s focus on harnessing generative AI. It is evident that these billionaires recognize the potential of AI to transform their businesses and take them to the next level.