NuVentures, an early-stage venture capital firm founded by Venk Krishnan, has invested in AI unicorn Perplexity AI through a secondary transaction. The Bengaluru-headquartered firm did not disclose the size of the investment but confirmed that the value of its stake has already seen a significant rise.
Speaking to a common news platform, NuVentures founder Venk Krishnan said, “Our investment in Perplexity gives us access to the larger ecosystem of AI startups in the US.”
Founded in 2022 by Aravind Srinivas, an alumnus of IIT Madras, Perplexity has quickly become one of the most prominent names in the global AI and generative AI sector. The company is now positioned alongside leading players such as OpenAI, Anthropic, Meta, Grok, and Gemini.
Perplexity’s valuation has surged dramatically, from 520 million dollars in January 2024 to around 18 billion dollars at present, making it one of the most sought-after startups in the AI industry. Its major investors include SoftBank, Databricks, Nvidia, and Amazon founder Jeff Bezos. Recently, the company made headlines by placing a 34.5 billion dollar unsolicited bid for Google’s Chrome browser.
The company’s unique proposition lies in its approach to internet browsing. Unlike traditional search engines that provide multiple results, Perplexity integrates AI elements to deliver contextual search experiences, creating a more direct and intelligent browsing process.
Krishnan emphasised that the investment in Perplexity not only enhances NuVentures’ global profile but also provides deeper insights into how large enterprises are adopting AI and identifying startups capable of delivering solutions. “Our goal is to get our name out in the market, gain recognition, and attract good startup founders,” he added.
Founded in 2015, NuVentures has built a portfolio of more than 47 companies. Some of its investments include Third Wave Coffee, Bigbasket, Acko, HomeLane, Geist Beer, Lucidity, and Foxtale. Known earlier for its early bets on NetKraft and Mu Sigma, the firm now focuses on enterprise technology solutions, particularly in the US market.
Recently, NuVentures launched a 75 million dollar fund aimed at backing startups in India and the US. Krishnan, who has been actively investing since 2002 starting as an angel investor, said the new fund seeks to encourage Indian startups to move beyond consumer-focused models and build disruptive products for enterprise markets.
Looking ahead, the investment in Perplexity provides NuVentures with a strong platform to help Indian startups better integrate with the global AI ecosystem. Krishnan highlighted that much more work is required in India’s AI space, calling for the involvement of government, large technology companies, and startups to accelerate innovation.
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