Activate, the new Indian AI fund, invests in founders before they even have a company, finding them through events, referrals, and conversations. The fund has also invested in Elevenlabs, the voice-AI firm whose technology most Indian voice-AI startups already build on. This creates an unusual position: if the startups Activate backs succeed, the fund wins; if Elevenlabs expands into their categories instead, the fund still wins. Founders and analysts say building on top of a platform that can absorb your product at any time is the central risk of Indian AI—and one that Activate’s structure does not resolve. Earlier this June, in a packed conference room in Bengaluru, Aakrit Vaish and Pratyush Choudhury were looking for the next big idea in AI. Activate was built with a mandate to grow AI in India. Vaish had previously advised the Indian government on developing its AI ecosystem. Activate scouts for talent from its events and backs ideas pitched over referrals. That reflects in his $75 million venture firm’s decree: identify technical founders early, sometimes before a company even exists. Since its inception in December 2025, Activate has hosted 33 events. In May, Activate invested in Elevenlabs, whose technology already powers many voice products in India. Elevenlabs runs 50,000 outbound calls a month for IDFC Bank in Hindi. In April, the company’s global annual recurring revenue