1. Google said on Monday that it plans to invest $10 billion in India in the next five to seven years as the search giant looks to help accelerate the adoption of digital services in the key overseas market.
Sundar Pichai, chief executive of Google, today unveiled Google for India Digitization Fund through which the company will be making the investments in the country.
“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,” he said via video conference at the company’s annual event focused on India.
Investments will focus on four areas:
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
2. Homegrown short video apps have been receiving unprecedented attention since TikTok and 58 other Chinese apps got banned last month by the Indian government. Amidst witnessing hockey stick growth in terms of downloads and engagement, they are also attracting enough interest from venture capitals and individual investors.
After raising Rs 2 crore in seed capital, Mitron has raked in more capital in what appears to be a Pre-Series A round, according to three sources aware of the fundraising. “Nexus Venture Partners has led the round with the participation of existing backers,” said one of the sources, requesting anonymity.
Entrackr couldn’t ascertain the participation of any new investors in this round. “The financing is in the range of $1.5-2 million but it could go up to $3 million if the company gets fresh backers,” said the above-quoted person.
3. As some markets like China and South Korea begin to recover from COVID-19, markets like India, Brazil and Russia are continuing to work to control the pandemic. Time spent in apps in India grew 35% in Q2 2020 from Q4 2019, while Italy, Indonesia, and the United States have all had 30%, 25% and 15% growth respectively. This significant increase in usage was fueled by social distancing and lockdown measures undertaken throughout the world to combat the spread of the coronavirus pandemic. As markets begin to ease restrictions, app developers will need to effectively maintain the momentum of their mobile apps in consumers’ lives.