Meta launches startup accelerator in partnership with the Indian government to make further inroads in the metaverse space

Print

Email

The Indian startup ecosystem is one of the fastest-growing around the world. From fintech to non-fungible tokens, and now metaverse, a lot of innovation is taking place in the country. To capitalize on the innovative growth potential of the startup ecosystem in India, Meta Platforms (formerly known as Facebook) has entered into a strategic alliance with the Indian government to launch a startup accelerator in the country which will push forward innovation in the metaverse space.

Under the partnership with the Indian government, Meta is looking to broaden innovation in the emerging technologies. These also include virtual reality and augmented reality. As part of the accelerator program, XR Startup Program, Meta, and the Ministry of Electronics and Information Technology will work with 40 early-stage startups in India. Meta will help these early-stage startups in research and development as well as in developing workable products and services. Furthermore, supported by its US$50 million XR Programs and Research Fund, Meta will be offering US$25,000 as a grant to each of the 40 startups.

The startup accelerator program is the latest initiative taken by Meta to push forward its upskilling efforts in the South Asian markets. Notably, in India, Meta had also forged a strategic alliance with the Central Board of Secondary Education (CBSE), the governing body that oversees public and private schools in the country. Under the collaboration, Meta and CBSE launched a certified curriculum for educators and students. These courses focus on online safety, digital well-being, and augmented reality. Premier institutions in India, including IIT Delhi, Sikkim Manipal Institute of Technology Rangpo, International Institute of Information Technology Hyderabad, and Gujarat University are expected to implement the course.

With India expected to play a pivotal role in the development and implementation of emerging technologies over the next three to four years, these collaborations and interest from leading tech giants in the Indian metaverse ecosystem will keep assisting the development and growth of the market in the country from the short to medium-term perspective. The support from Meta to emerging startups in the area of the metaverse will help innovators to bring their ideas and platforms in front of the global audience.

Over the next three to four years, the XR Startup Program is expected to act as a catalyst that will help in unlocking the potential of the metaverse in the Indian market. TechInsight360 expects the emerging startups in India will use the immersive technology to further drive innovation across different industry verticals such as healthcare, tourism, education, and agritech, among others.

Notably, this is not the first instance when Meta has shown growing interest in the Indian startup ecosystem. The firm has invested significantly in the Indian market over the last few years. The social commerce platform Meesho and edtech firm Unacademy are among the startups that have raised funding from Meta. With its interest in the emerging metaverse ecosystem in India, TechInsight360 expects the American giant to further boost its investment in the country over the next three to four years.