Google’s alphabet inc on Monday said that it would devote roughly $10 billion in India within the next five to seven years via equity investments as well as tie-ups, representing its largest dedication to a crucial growth market
The contributions would be made into a so-called digitization fund, reflecting Google’s emphasis on the fast growth rate of mobile and digital applications in India, one of the largest internet infrastructure markets in the world.
“We’ll do this through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments,” During the annual “Google for India” function, Sundar Pichai, CEO of Alphabet, told on a webcast.
“This is a reflection of our confidence in the future of India and its digital economy,” Pichai added.
Google has also made several overt and indirect investments in Indian companies like Dunzo, a digital distribution device.
Besides investments in the project, Google will also concentrate on fields including India’s artificial intelligence and schooling, Pichai revealed during an interview with Reuters.
Indian-born Pichai joined Google in 2004 and is commonly remembered for creating the application Chrome. Last year he substituted the company’s co-founder Larry Page as CEO of parent Alphabet Inc.
“Sundar Pichai, who is heading Google, is a very powerful symbol of the creative potential of India’s human resource,” Indian development minister, Ravi Shankar Prasad said at an event.
The U.S. tech giant, whose Android mobile operating system holds a majority of India’s nearly 500 million smartphones, will continue to partner with vendors to develop low-cost apps so that more and more users will reach the internet, said another Google official.