India isn't out of the AI race as private equity investors see promise

Dipti Sharma, Mansi Verma

In its 19 October report, investment bank Goldman Sachs estimated that prospective IPOs over the next 2-5 years could add $50-$100 billion in incremental market capitalization to India's listed AI complex.

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India has largely been on the sidelines of the global artificial intelligence (AI) investment boom, with the US, China and Taiwan commanding greater attention. The market narrative suggests India could benefit if the AI trade loses steam elsewhere. Yet, private equity (PE) investors appear to see an opportunity in India's AI ecosystem, even as public-market investors have few sizeable listed companies through which to play the theme.

About the Authors

Dipti has spent nearly a decade happily knee-deep in the fast-moving, occasionally nerve-wracking, and always fascinating world of stock markets, tracking everything from sharp sell-offs to surprise rallies, and the narratives that drive them.

She began her journalism journey at Informist, sharpened her market instincts at CNBC Digital and Moneycontrol, and is now charting new territory with Mint. Here, she is exploring new ground, bringing together sharp analysis, on-ground insights, and a keen eye for what really moves markets.<br><br>Before stepping into journalism, Dipti studied law and worked with a solicitor firm for close to three years, an experience that gave her a strong foundation in analytical thinking, contracts, and corporate structures.

But the pull of markets and storytelling proved stronger, prompting a switch from law to journalism.<br><br>She writes about stocks and investments, but that’s only part of the story. Dipti also teams up with market experts to turn complex trends into sharp, easy-to-understand videos, occasionally peeks at deals and acquisitions, and regularly picks the brains of industry leaders. Somewhere between earnings calls, market swings, and boardroom chatter, she’s always looking for the next story that explains what’s really moving the markets.

Mansi Verma is a senior correspondent covering private capital in India for Mint. Think of strategy shifts, private equity and venture capital deals, the companies trying to go public, and occasionally, the ones falling apart.<br><br>She moved into this beat in 2022, and has been following it closely since. Prior to Mint, Mansi worked at Moneycontrol, where she covered jobs and edtech, reporting extensively on the 2022–2024 startup and IT layoffs cycle.

Her work during this period focused on what happens to fast-growing companies when capital dries up, combining financial reporting with human-interest stories.<br><br>Mansi reported closely on Byju’s during a critical phase in its unravelling, and has since built a strong understanding of edtech businesses, particularly unicorns, and the deeper structural challenges in education that many of them have struggled to solve. At Mint, she follows the flow of capital across VC and PE deals, exits and IPO pipelines, while also tracking large investment firms, and the financial services sector.<br><br>Outside of the newsroom, Mansi spends time exploring how technology is changing the way people think and work, while actively attempting to build a critical thinking human brain in the age of short-form everything.<br><br>She holds a Master’s degree in journalism and has moderated industry discussions on financial services and investments.

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Topics

• #artifical intelligence