India, Feb. 26 -- Edtech major upGrad has launched an incubator, 'upGrad AI Incubator', to back homegrown AI startups.

With an initial allocation of INR 100 Cr, the Mumbai-based company plans to invest in 5-6 startups over the next few months, it said in a statement.

With this incubator, upGrad aims to drive product innovation in startups by providing them resources including infrastructure and seed capital, the statement added.

Under this initiative, upGrad has made its first investment in a Bengaluru-based startup ZuAI. However, it did not disclose the financial terms of the deal.

This development comes days after upGrad signed an agreement with the Maharashtra government to set up AI excellence centres across the state with an init...