Facebook eyes Indian startups for investments Facebook eyes Indian startups for investments- Facebook is eyeing a large part of the fast growing and lucrative Indian startup ecosystem.
- In an India-only initiative, Facebook on Friday also launched a ‘Small Business Lending Initiative’ for companies that have a presence on its platform.
- There is no revenue share for Facebook through this program.
- Facebook usually invests between $ 25 million to $ 50 million in Indian startups.
It is not only Reliance Jio that Facebook has earmarked for investment in India. Facebook is eyeing a large part of the fast growing and lucrative Indian startup ecosystem. Facebook is eyeing early-stage companies in line with its investments in social commerce platform Meesho and edtech enterprise Unacademy. Both Meesho and Unacademy have become unicorns.
Ajit Mohan, MD, Facebook India, says, “We will continue to explore investment opportunities in early-stage startups, and we are focused on supporting innovative models that not only have the potential to grow in India but Which can also be extended to the global level. Incidentally, both Meesho and Unacademy have achieved unicorn status, which would mean a windfall for Facebook’s investment. Meesho was valued at $2.1 billion since its last funding round in April 2021. At its latest fund-raise this month, Unacademy was valued at $3.4 billion. It is believed that the company usually invests between $25 million and $50 million in Indian startups.
This initiative started for small businesses
In an India-only initiative, Facebook on Friday also launched a ‘Small Business Lending Initiative’ for companies that have a presence on its platform. This will give them instant access to credit through independent lending partners. Through Facebook’s partnership with Indifi, small businesses can get loans between Rs 5 lakh and Rs 50 lakh at a pre-determined interest rate of 17-20% per annum and applicants will not be charged a processing fee by Indifi. There is a discount of 0.2% in the interest rate for businesses wholly or partially owned by women.
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Mohan said there is no revenue share for Facebook through this program. Access to credit is one of the major factors driving and influencing the growth of MSMEs. Independent research shows that Indian MSMEs face major challenges in securing timely financing and this reduces growth opportunities.
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