Global search giant Alphabet Inc’s Google has committed to invest close to $10 billion in India over the next five to seven years through the purchase of stakes and strategic partnerships.
The expected announcement which came at its “Google for India” event will be through a digitization fund. The investment push marks google’s foray into one of the world’s biggest internet services markets where it sees immense potential for growth.
Sundar Pichai CEO of Alphabet
“We’ll do this through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments. “This is a reflection of our confidence in the future of India and its digital economy.”
Google has already made some direct and indirect stake purchases in Indian startups such as local delivery app Dunzo.
Pichai also had a virtual interaction with India’s Prime Minister Mr. Narendra Modi today.
This morning, had an extremely fruitful interaction with @sundarpichai. We spoke on a wide range of subjects, particularly leveraging the power of technology to transform the lives of India’s farmers, youngsters and entrepreneurs. pic.twitter.com/IS9W24zZxs
“Using this fund we want to build new products and services, invest in companies that build new products and services that are deeply relevant in India. We want to scale beyond English and other vernacular languages as well.” Mr. Pichai added.
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