Google has set up a ‘Google for India Digitisation Fund’, through which it will invest $10 billion in the country over the next five to seven years through a mix of equity investments, partnerships, operations, infrastructure and ecosystem investments.
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Key-Points
Through this fund, it will invest $10 billion in India over the next five to seven years through a mix of equity investments, partnerships, operations, infrastructures and ecosystem investments.
Google’s$10-billion fund will focus on areas such as enabling affordable access to the internet and to information for every Indian in their own language; building new products and services in segments like consumer tech, education, health and agriculture; empowering businesses especially small and medium businesses to transform digitally etc.
The announcement comes close on the heels of India signalling curbs on Chinese technology investments and banning 59 mobile apps with links to Chinese technology majors such as Alibaba – one of the largest Chinese investors in Indian start-ups.
The $10-billion investment by Google is pegged to fill the space that could be left vacant by Chinese investors after the Indian government’s clampdown on Chinese companies.
Earlier this year, India revised its Foreign Direct Investment (FDI) policy to prevent “opportunistic takeovers” of firms hit by the lockdown. The move had upset China, which termed it a violation of international trade principles.
