Edtech startup upGrad recently announced that it is setting aside ₹100 crore to create an AI incubator, which aims to boost innovation in the learning and skilling space, as reported by PTI. There will be a mix of AI startups to be incubated.
The founder and CEO of upGrad, Ronnie Screwvala, told PTI that outside the school and college curriculum, the learning and skilling space is evolving rapidly, and innovative ways are needed to be explored to help everyone skill up.
Screwvala said, “We are putting Rs 100 crore. It will be used for incubation as well as acquiring minority stake in 5-6 startups at an early stage so that we do not dictate them. We don’t want to get into the valuation game as it becomes too onerous for a startup, but we want them to innovate in a more frugal manner.”
He further added, “We are sitting at the epicenter, where not only do we want it to disrupt but we want to also be the disruptor, because I think in the skilling and learning space, we will have to be the disruptor.”
In addition, he believes we need to focus on ways education systems will evolve in the coming 30–40 years and said that it is going to change dramatically in the next five years.
upGrad has been embracing AI for a while, like translating learning materials into Indian languages. With investments to get minority stakes in early-stage startups, we may see some interesting entrepreneurs coming up from this incubator program.
Last year, the Indian Army collaborated with BEL to launch an AI incubation centre in Bengaluru. upGrad joins the list of new incubator programs for AI entrepreneurs in India.
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