At the sixth edition of the annual Google for India event – held virtually this year - Google CEO Sundar Pichai announced a $10 billion Google for India Digitization Fund.
The company plans to invest ₹75,000 crores (approximately $10 billion) in India in the next five to seven years to help accelerate India’s digital economy and thereby expanding its presence in one of its key markets. Over the years, Google has invested in many Indian businesses through Google, as well as through its growth equity investment fund CapitalG.
“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,” Pichai shared in his keynote address.
Investments will focus on four areas important to India’s digitization:
First, enabling affordable access and information for every Indian in their own language, whether it’s Hindi, Tamil, Punjabi or any other\
Second, building new products and services that are deeply relevant to India’s unique needs
Third, empowering businesses as they continue or embark on their digital transformation
Fourth, leveraging technology and AI for social good, in areas like health, education, and agriculture
Google opened its first offices in India - in Hyderabad and Bangalore - in 2004, and the country is now a key overseas market for the company. Earlier in the day, Sundar Pichai had a video conference with the Indian Prime Minister Narendra Modi to talk about Google’s contribution to the government’s Digital India vision.