UpGrad, an edtech unicorn based in Mumbai, has launched an incubator aimed at supporting Indian businesses developing artificial intelligence (AI).

The edtech company has set aside 100 crore for this project, which aims to increase product innovation by giving seed money and infrastructure to up-and-coming entrepreneurs.

The action follows upGrad's recent corporate and government collaborations to create AI Centers of Excellence throughout the state and provide over a million students with practical AI skills in an effort to promote economic growth at scale.

The new program, known as the "upGrad AI Incubator," aims to assist startups in creating plug-and-play AI solutions focused on workforce development, learning, and skilling.

Through this incubator, upGrad hopes to promote the development of AI solutions that are easily integrated across many industries, improving efficiency and scalability.

In order to stay on top of emerging developments without completely buying out any one company, it intends to acquire minority holdings in five to six AI firms over the course of the upcoming months.

By utilizing AI to provide scalable and customized learning materials, upGrad AI Incubator will create more robust adaptive learning pathways, one-to-many tutoring models, and more intelligent tests to lessen test fatigue and prioritize practical application.

AI is now a necessary talent for India's transition into a technology disruptor, according to Ronnie Screwvala, co-founder and chairperson of upGrad.

The incubator will offer a variety of services, such as individualized coaching, operational support, and investment to aid in the growth of AI firms by offering a strong platform.

Ronnie Screwvala, Co-Founder & Chairperson, upGrad says, "As AI is in its early stages, we are committed to building a robust infrastructure that supports and trains millions across all economic levels – through upskilling and nurturing ideas and talent. This move is a major augmenter for strengthening the workforce development capabilities and creating jobs of tomorrow while sending strong growth signals as a self-reliant, technologically empowered nation”.