By Srikanto Mandal 13 September 2022
India is increasingly emerging as a startup hub on the global map. Government of India's Startup India scheme has given further impetus to this work.
The total number of recognized startups in India increased from 471 in 2016 to 72,993 as on 30 June 2022.
Recently, Facebook's parent company Meta launched a new startup environment called the XR Startup Program in India.
META has launched this initiative in collaboration with Startup Hub of Indian Ministry of IT for India's growing startup ecosystem.
The initiative accelerates the country to expand innovation in emerging technologies including augmented reality and virtual reality.
The XR Startup Program, will work with 40 early-stage startups and help them to research and develop viable products and services.
The program initially selects 80 startups to attend a bootcamp. And it will be funded by Meta's $50 million XR program and research fund.
According to META, each startup will receive a grant of over $25,000, which will help them find and build relationships with customers.
It will be implemented by four institutions, which will strategically enable startups across the country to create a pan-India movement in the XR technology space.