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Facebook Gearing up to Make Investment in Technology Start-ups in India

More than 30 speakers, investors and industry challengers are also part of Huddle Kerala

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Social Media, Facebook, Authenticity, Posts
The social media application, Facebook is displayed on Apple's App Store, July 30, 2019. VOA

Social media major Facebook is gearing up to make substantial investments in technology start-ups in India, a top official from the company said here on Friday.

Ajit Mohan, the company’s India vice-president and managing director, said they are willing to make direct investments in technology start-ups in India.

“We are willing to spend our time and energy to tap the massive depth of engineering talent in the country,” said Mohan while addressing the opening session of the second edition of ‘Huddle Kerala 2019,’ a start-up meet here.

“A couple of months ago, we announced the first minority investment that Facebook has done anywhere in the world in a company called Meesho. What Meesho does is it relies on the existing behaviour of communities in India and leverages on women entrepreneurs essentially pitching products to their friends and families,” added Mohan.

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The Facebook mobile app on an Android smartphone. Wikimedia Commons

He went on to add that the best thing about their model was it could bring 2,00,000 first-time female entrepreneurs online.

“It is an innovation that was coming out of India which can be exported to the rest of the world, and that model has scaled a dramatic impact in job creation. Any analysis of the economy, most of the job creation happens from small business,” he said.

Also Read: Tech Giant Google Celebrates its 21st Birthday with Retro Doodle

Anil Agarwal, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), said other states should replicate the Kerala model in building the start-up ecosystem.

“Around 1.95 start-ups are getting registered every hour in the country. In the next month, it may be two start-ups per hour. We have 22,895 registered start-ups in the country as per the records till September. Around 45 per cent of start-ups have come from tier-2 and tier-3 cities. About 9 to 10 per cent start-ups have women as founders, and we have to promote women entrepreneurs,” said Agarwal. (IANS)

Next Story

Novel Coronavirus: Government Deploys Health Team on Nepal Border

Many Indian students studying in Wuhan, the epicentre of the outbreak have been stuck there

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Coronavirus
The Coronavirus outbreak, which has so far caused 41 deaths in China, and caused the country to quarantine 16 cities, is causing comparisons to the 2003 spread of severe acute respiratory syndrome, or SARS, which decreased the value of the global economy by $40 billion. VOA

In the wake of a confirmed case of novel coronavirus in Nepal, the Union Health Ministry has subsequently strengthened its vigil in the areas bordering Nepal.

The recent deployment of health team has taken place at Panitanki in West Bengal, entry point from Nepal, said the Health Ministry on Monday.

“Update on #ncov2020 – Subsequent to confirmed #coronarvirus case in #Nepal, vigil strengthened at Panitanki (West Bengal) entry point from Nepal,” the ministry tweeted.

Earlier on Sunday the ministry had informed that in response to confirmed case of the new virus in the neighbourhood country Nepal, India stepped up vigil in districts bordering Nepal. The health ministry said that teams of medical experts were also deployed at border outpost with Nepal at Jhulaghat and Jauljibi in Pithoragarh district in Uttarakhand.

Coronavirus
Southeast Asia’s proximity to China and dependence on that nation for a major share of its economy is raising concerns that the coronavirus outbreak  that started there will not only have health impacts but harm the region’s economies. VOA

In continuation of its efforts to stop the virus from entering in India and making the passengers aware, the ministry has also displayed signage advising the passengers for self reporting and other precautions, disseminated through advisories, at the Mumbai airport.

According to the health ministry, a total of 29,707 passengers from 137 flights have been screened. Fortunately, no case of coronavirus has been found till date.

Also Read: Patients May Suffer Invasive Treatments for Harmless Cancers: Researchers

According to the announcement made by Chinese health authorities on Monday, 2,744 confirmed cases of pneumonia caused by the novel coronavirus (2019-nCoV), including 461 in critical condition and a total of 5,794 suspected cases have also been reported. The killer virus has caused 80 deaths in China, as per Chinese authorities.

Many Indian students studying in Wuhan, the epicentre of the outbreak have been stuck there. The health ministry said it is working closely with the Ministry of External Affairs and is in touch with the students. (IANS)