Former Tech M Executive Jagdish Mitra To Launch AI Start-up Soon
Former Tech M India Business Head, Jagdish Mitra, announced on Sunday his plans to launch an AI start-up with an initial investment of Rs 65 to 80 crore. The new firm will focus on the manufacturing, retail, and sportstech sectors in both the US and India.
Mitra revealed that the AI start-up will commence operations within the next three months and aims to shift from a cost-driven proposition to a value-driven proposition. The company plans to invest $8-10 million initially and will start engaging with customers in 8-12 months.
In a conversation with PTI, Mitra emphasized the importance of values in driving the business forward. He highlighted the impact of cost arbitrage factors, particularly driven by manpower, and stressed the need to focus on a value proposition.
The announcement comes at a time when the stock market is gearing up for the upcoming Federal Open Market Committee (FOMC) meeting scheduled for May 1, 2024. The market dynamics are expected to be influenced by the ongoing Q4 earnings reports, with major results from companies like UltraTech Cement, Adani Total Gas, and Titan, among others.
Foreign portfolio investors have shown caution towards Indian equities and the debt market, with recent data revealing significant outflows. The concerns surrounding changes in the India-Mauritius tax treaty and the rise in US bond yields have contributed to this cautious sentiment.
Overall, the launch of Jagdish Mitra’s AI start-up adds to the evolving landscape of technology and innovation in the business world, promising new opportunities and advancements in the AI sector.