India, May 13 -- In India, almost every AI conversation today is about sovereign models, semiconductor fabs, GPU clusters, compute capacity, and the race to build the infrastructure powering the country's AI ambitions. But after obsessing over these for a while now, investors are shifting their attention towards a far more unpredictable opportunity - consumer AI. And the question they are asking is: who will bell the cat?

Their excitement is not irrational. Globally, consumer AI is rapidly moving beyond standalone chatbots and becoming deeply embedded inside mainstream internet products. From Canva and Notion integrating generative AI into everyday workflows to AI-native platforms like Character.AI, Perplexity, Cursor and Manus reshaping...