Meta & MeitY Startup Hub Join Forces to boost XR Startups in India
Meta Platforms is investigating the thriving startup scene in India to hedge its metaverse bet. It has partnered with the Indian IT Ministry's startup centre to introduce an accelerator program nationwide.
The partnership intends to foster more creative activity in the realm of cutting-edge technologies like virtual reality and augmented reality.
The XR Startup Program is a joint initiative between MeitY(Ministry of Electronics and Information Technology) Startup Hub and Meta that will aid 40 pre-revenue startups in the areas of R&D and the creation of marketable products and services.
The American giant also announced that it would provide grants to each company totalling more than $25,000. The partnership is the vision of MeitY Startup Hub (MSH), which promotes technology innovation, companies, and intellectual property production in various fields. The MSH now has 473 incubators and 3,161 startups registered.
State Minister for Electronics and IT, Skill Development, and Entrepreneurship Rajeev Chandrasekhar has stated that the program's primary goal is to promote technological innovation in smaller towns and cities.
Meta's recent expansion in India
The XR Startup Program is the most recent example of Meta's expanding involvement in the South Asian market's upskilling activities. Last year Meta partnered with the CBSE board to introduce a certified syllabus on online well-being, digital safety, AR and VR for educators and students in the country.
The initiative will establish technological capabilities and skills for the metaverse and assist in shaping the country's ecosystem of new technologies such as Virtual Reality (VR) and Augmented Reality (AR).
The initiative will be implemented by educational institutions such as IIT Delhi, Gujarat University, the Sikkim Manipal Institute of Technology in Rangpo, and IIIT Hyderabad.
About Meity's Startup Hub
Ministry of Electronics & Information Technology’s (Meity) Startup Hub is a nationwide project to support new businesses, intellectual property development, and technological advancement.
There are now over 3000+ tech companies receiving funding, with a goal of supporting over 10 thousand businesses during the next 3 to 5 years.