Google commits to invest $10b in India through equity deals, tie-ups

Google CEO Sundar Pichai. Photo: REUTERS/Adnan Abidi

Alphabet Inc’s Google on Monday said it will spend around $10 billion in India over the next five to seven years through equity investments and tie-ups, marking its biggest commitment to a key growth market.

The investments will be done through a so-called digitization fund, highlighting Google’s focus on the rapid pace of growth of apps and software platforms in India, 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,” Sundar Pichai, CEO of Alphabet, said on 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 has already made some direct and indirect investments in Indian startups such as local delivery app Dunzo.

Beyond investments via the fund, Google would also focus on areas such as artificial intelligence and education in India, Pichai told Reuters in an interview.

Indian-born Pichai joined Google in 2004 and is widely credited for making the Chrome browser. He replaced company co-founder Larry Page as CEO of parent Alphabet Inc last year.

“Sundar Pichai, who is heading Google, is a very powerful symbol of the creative potential of India’s human resource,” India’s technology minister Ravi Shankar Prasad said at the event.

The U.S. tech group, whose Android mobile operating system powers a bulk of India’s roughly 500 million smartphones, will continue to work with manufacturers to build low-cost devices so that more and more people can access the internet, another Google executive said.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.