Published on November 8, 2023, 3:26 pm
Indian billionaires are increasingly turning to artificial intelligence (AI) as a means of boosting their fortunes. One notable example is Binny Bansal, a billionaire entrepreneur who made his mark in the Indian e-commerce industry. Bansal is now launching an AI-as-a-service startup that aims to cater to global customers and meet their AI needs.
Bansal plans to assemble a team of 15 talented individuals, primarily experts in AI, for his latest venture. The goal is to offer a combination of AI products and services to corporate clients, similar to the approach taken by major outsourcing companies like TCS and Infosys. Although the heart of the startup is in Bengaluru, it currently maintains its official headquarters in Singapore, keeping a low profile for now. However, Bansal has ambitious plans for expansion into the United States by the latter half of 2024.
One advantage India has in the realm of generative AI is its ability to leverage its diverse range of languages. For instance, Tech Mahindra’s Project Indus, a foundational model based on Indic languages, is expected to launch in the near future. If successful, this project could be revolutionary for multilingual generative AI on a global scale.
Bansal’s strategy focuses on tapping into India’s large English-speaking population and training professionals in various AI services. While specific offerings have not been disclosed, there are indications that legal and e-commerce sectors will be initial targets with potential expansions into financial services, data science, and analytics.
Major Indian tech giants such as TCS, Infosys, and Wipro are also investing heavily in training their employees in generative AI. Notably, Bansal’s startup stands out for its emphasis on talent development and cost-effective operations located in smaller Indian cities with lower living costs. This approach aligns with the idea of building up India’s workforce and nurturing local talent.
Renowned entrepreneur Vinod Khosla sees significant opportunities in AI for entrepreneurs worldwide. Speaking at Forbes’ event on the future of business with AI, Khosla emphasized that AI presents an extraordinary opportunity for entrepreneurs to create trillion-dollar companies.
At Reliance’s 46th Annual General Meeting, Mukesh Ambani announced his plans to build India-specific AI models. Ambani believes that India has the necessary scale, data, and talent for AI success but highlights the need for AI-ready digital infrastructure capable of handling its computational demands. Reliance has also partnered with NVIDIA to advance these goals.
Other prominent Indian billionaires like Ratan Tata and Gautam Adani are also venturing into generative AI. Tata’s TCS, Tata Communications, and Tata Motors have partnered with NVIDIA to harness India’s generative AI capabilities. Adani Digital Labs is focusing on building similar technologies and even plans to establish an AI lab in Tel Aviv.
Additionally, Infosys co-founders Narayana Murthy and Nandan Nilekani are investing in generative AI. Infosys is partnering with NVIDIA to create a Center of Excellence aimed at training 50,000 employees in generative AI. Wipro’s Azim Premji shares a belief in the power of AI and sees it as the defining force in the coming decade.
Outside of established businesses, founders like Vijay Shekhar Sharma (Paytm) and Anil Agarwal (Vedanta) are investing significant sums in AI and related technology sectors. Their investments reflect the recognition that AI represents a transformative technology with vast potential across various industries.
It’s clear that Indian billionaires recognize the ability of AI to propel them from billion-dollar enterprises to trillion-dollar giants quickly. With their significant investments and partnerships with leading tech companies like NVIDIA, they are working diligently to tap into India’s vast talent pool and realize this immense potential.
In conclusion, Indian billionaires are eagerly embracing generative artificial intelligence as a means of securing their positions in the rapidly evolving global market. With their bold investments, talent development efforts, and partnerships with technology leaders, these billionaires are poised to leverage AI and propel India’s economy into an era of unprecedented growth.