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Indian mogul Prateek Suri bets big on AI technology in Africa
At 36, Prateek Suri, the CEO and founder of Maser Group and MDR Investments which he reveals has a net worth of Sh5.3 trillion ($1.4 billion), making him one of the wealthiest Indians in Africa
In an interview with NTV, Mr Suri said that he had long believed in the transformative power of investment to lift communities out of poverty.
As the entrepreneur behind electronics unicorn Maser Group, he has extensive experience in running a diversified conglomerate with operations in the Middle East, Asia, Latin America and Africa.
But how did he grow his wealth? “My rise to prominence began not with infrastructure or mining, but with consumer electronics and, more specifically, the distribution of these products into the diverse landscape of Africa, a continent of more than 52 jurisdictions,” he said.
Mr Suri, a mechanical engineering graduate, started with humble beginnings but persevered to grow Maser which has bee quoted a $5 billion consumer electronics empire, making him one of the youngest billionaire in Africa.
In 2012, Suri founded the Maser Group, which focused on affordable consumer electronics tailored for the African market. Its flagship product, a smart television, quickly gained popularity, selling over 800,000 units across the continent.
“Maser was built on a simple principle, affordable technology for the masses,” says Suri. “The consumer electronics market in Africa was underserved, and we seized the opportunity to provide products that genuinely improve lives.”
In 2023, Suri turned his attention to the broader challenges facing Africa’s growth.
He founded MDR Investments, the venture capital arm of Maser Group, alongside a group of prominent investors. The fund was established to tackle Africa’s infrastructure deficit and harness the continent’s rich mining potential. Suri sees infrastructure and mining as key sectors capable of driving economic growth across the continent and beyond.
“Building on the success of Maser, MDR represents a new phase in my vision for Africa,” Suri explains. “We’re not just focusing on electronics anymore. We want to invest in the foundation of economic growth, roads, bridges, and energy. Infrastructure is essential for Africa’s future, and we are here to help build it.”
In the realm of deep tech, MDR is investing heavily in AI and AI-safety enterprises, aiming to boost global productivity and efficiency.
The firm is also leading efforts in blockchain and crypto, championing decentralised economies and trustless systems to set new standards in financial security and sovereignty.
“At the end of the day, it’s about more than just making money,” Suri says. “It’s about creating lasting change. Whether it’s in Africa or Latin America, we’re committed to investing in projects that make a real difference in people’s lives.”
He envisions a future where the human body becomes interconnected with digital systems, revolutionizing the way we monitor and optimize our health. Advances in digital biology are already paving the way for real-time health tracking, allowing individuals to take charge of their wellbeing with unprecedented precision.
“Imagine a world where treatments are tailored to your unique DNA,” Suri explains. “The future of medicine lies in our ability to decode genetic information and apply it to personalized healthcare.” According to Suri, digital biology is poised to lead a new era of preventive medicine, where technology like mRNA vaccines, originally developed to combat Covid-19 could be rapidly repurposed to fight a wide array of diseases.
The potential benefits of such technology ranging from enhanced creativity to improved problem-solving capabilities are staggering. However, Suri warns of the need to tread carefully, ensuring that these innovations serve to enhance rather than undermine humanity.
Suri believes that the next generation of AI-powered devices will bring about a revolution in how we live, work, and interact with technology.
“AI chip advancements are enabling devices to process data locally, which not only improves privacy but also makes them more responsive to our needs,” Suri noted. The integration of 5G technology, meanwhile, will provide the high-speed connectivity necessary for seamless operation in a new era of connected living.
He was recently awarded Investment Leader of the Year at the Gulf Business Awards 2024, recognising his contribution to Africa’s economic landscape.
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