Alphabet invests $10bn in India
Alphabet said on Monday that it will spend around $10bn on equity investments and tie-ups in the up-and-coming Indian market over the next five to seven years.
According to Reuters, the investments will be carried out through a so-called digitization fund, highlighting Google’s focus on the rapid pace of growth in apps and software platforms on the Subcontinent, one of the world’s biggest internet services markets.
“We’ll do this through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments,” chief executive officer Sundar Pichai said in a webcast during the annual “Google for India” event.
“This is a reflection of our confidence in the future of India and its digital economy.”
Google is focusing on on areas such as artificial intelligence and education in India, Pichai told Reuters in an interview.