Indian Economy News

Google to give Rs. 109 crore (US$ 15 million) to support SMBs in India

  • IBEF
  • February 19, 2021

Google has announced plans to give US$ 15 million (Rs 109 crore) to support MSME’s in India in the face of COVID-19 pandemic. The investment is part of the US$ 75 million commitment from Google to help small businesses outside of the US. "In India, we will invest US$ 15 million to support small and micro enterprises across the country and are in discussions with local partners," the company said in a statement. The company is working with non-government partners who have a long track record of providing resources to businesses that are generally overlooked by traditional lenders. When the pandemic hit last year, Google announced a US$ 200 million investment fund as part of its more than US$ 800 million commitment to support small businesses. "Google has had a special relationship with small businesses around the world, helping them scale, innovate and reach new customers. With today's announcement, we are proud to help them meet a new challenge, accessing capital needed to recover and build resiliency for the future," the tech giant said.

In July last year, the company's CEO Mr. Sundar Pichai announced a ‘Google for India’ digitisation fund through which, the company will invest Rs. 75,000 crore (US$ 10 billion) over the next 5-7 years to help India go digital. "We will do this through a mix of equity investment, partnerships and an operational infrastructure ecosystem in India. This reflects our confidence in the future of India and its digital economy," Mr. Pichai said during the 'Google for India' virtual conference.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.