Google Commits to Accelerate Digitization in India by Investing $10 billion
On Monday, Alphabet Inc’s Google said that they will be spending around $10 billion over the span of the next five to seven years in India. This will be done through equity investments and tie-ups, they will market there biggest commitment to a key growth market.
Investments will be done through the digitization fund. It highlights the company’s focus on the rapid growth of its apps and software platforms in India, which is one of the biggest internet services markets.
On a webcast during an annual Google for India event, Sundar Pichai, CEO of Alphabet, said “We’ll do this through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments.” He further added, “This is a reflection of our confidence in the future of India and its digital economy.”
In India, according to Pichai, the $10 billion investment was the largest Google. In an interview, he told “We’re particularly focused on making sure the internet expands beyond English and other vernacular languages. That’s an important angle we’ve looked at.”
In India, the company wants to bolster the growth of the internet and help get 500 million people online, Pichai said. Currently, Indian has over 500 million active users, Other than fund an investment, Google is also focusing on areas like education and AI in India.
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The company has already made some direct and indirect investments in Indian startups, This one major investment in Dunzo, a local delivery app. Last year, Indian-born Pichai replaced company co-founder Larry Page as CEO of Alphabet Inc. He joined Google in 2004 and is widely credited for making the Chrome browser.
Another Google executive said that the U.S. tech group’s Android mobile OS powers roughly 500 million smartphones in India. The company will continue to build low-cost devices and work with manufacturers.