Google chief Sundar Pichai on Monday announced that the tech giant will invest Rs 75,000 crore, which translates to approximately $10 billion, into India over the next 5-7 years through its India Digitization Fund.
This would be done through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments.
Pichai listed out four areas that the fund will focus on: enabling affordable access and information for every Indian in their own language; building new products and services that cater to India's unique needs; empowering businesses; and lastly, leveraging technology and AI for areas like health, education and agriculture.
Pichai also connected with Prime Minister Narendra Modi on Monday morning. Modi subsequently tweeted: "This morning, had an extremely fruitful interaction with Sundar Pichai. 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."
It is important to note that over the years, the tech giant has invested in many Indian businesses through Google, as well as through its growth equity investment fund CapitalG and had recently invested in MSME lender AYE Finance.
Further, Pichai highlighted that currently 26 million SMBs are discoverable on search and maps, driving connections with more than 150 million users every month. The Internet Saathi program has helped more than 30 million women across India gain digital skills.
On the payments front, the GPay business app is today being used by over 3 million merchants in India.CNBC-TV18
spoke to Nimesh Kampani, president of LetsVenture, Sourabh Gupta founder & CEO of Vernacular.ai, Sanjay Sharma MD of AYE Finance, and Karan Mohla of Chiratae Ventures about Google's latest India initiative.