Silicon Valley venture capital firm Lightspeed is adjusting its India strategy, aiming to raise $250 million for a new early-stage AI fund, betting that artificial intelligence will drive India's next wave of startups. The fund, named Lightspeed India Partners V, is half the size of its $500 million predecessor fund raised in 2022 and has already secured 80% of its $250 million target in commitments. Lightspeed plans to begin investing from the new fund within the next two months and, for the first time, align its India fund's fundraising cycle with that of its global funds.