Meta Platforms is looking at India’s burgeoning startup ecosystem as it bolsters its bet on the metaverse. It has partnered with the Indian IT Ministry’s startup hub to launch an accelerator in the country to broaden innovation in emerging technologies, including augmented reality and virtual reality.
MeitY Startup Hub and Meta’s effort, called XR Startup Program, will work with 40 early-stage startups and help them in research and development and developing workable products and services. Each startup will also receive a grant of over $25,000, the American giant said.
The program, supported by Meta’s $50 mn XR Programs and Research Fund, will initially hand pick 80 startups to attend a bootcamp. It will also help startups with finding customers, inking relationships and raising funds, Meta said.
“India will play a pivotal role in defining future technologies. Decisions and investments made here in India now shape global discussions on how technology can deliver more economic opportunity and better outcomes for people. It is critical that we help to create an ecosystem that will enable India’s tech startups and innovators to build the foundations of the metaverse,” said Joel Kaplan, VP of Global Policy at Meta.
“India’s rapid tech adoption combined with a vast pool of tech talent puts the country in a vantage position for shaping the future of the internet,” said Ajit Mohan, VP and MD of Facebook India.
“For this future to be equitable, it will require active participation from all stakeholders, including developers, businesses, creators, policymakers, and entrepreneurs. We are excited to collaborate with MeitY Startup Hub and hope that the XR Startup Program will act as a catalyst to unlock the use of immersive technology across sectors.”
