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Google will take out $300 Mn from the $10 Bn Google for India Digitisation Fund for Indian startups, 1 / 4 of which might be earmarked for women-led startups within the nation, in response to CEO Sundar Pichai. “Now we have introduced a $300 Mn fund, of which one quarter will go in direction of startups led by ladies, or startups that are centered on bridging the gender divide,” stated Pichai at Google For India 2022, the tech large’s eighth such occasion for the nation.
“The sophistication of India’s startup ecosystem is measurably enhancing. A part of what we’ve executed with the India Digitisation Fund is to more and more deal with startups from India. These firms are getting noticeable scale,” stated the Google CEO, including that there isn’t any time like the current to do a startup.
Per an Inc42 evaluation, solely 15% of India’s first 100 unicorns had no less than one girl founder, and the gender divide in India’s startup ecosystem down the pyramid is much more worrying. In line with Inc42 knowledge, women-led startups have raised $11.34 Bn throughout 844 offers between 2014 and November 2022.
For context, the general startup funding in India stood at $135.5 Bn throughout the identical time. Due to this fact, funding raised by women-led startups represents 8.37% of the entire funding Indian startups have raised thus far. Earlier this yr, Google introduced a brand new cohort-based startup program, Google for Startups Accelerator Girls Founders, for women-led startups within the nation.
Underneath the programme, Google offered assist to twenty women-led startups, focusing from the pre-seed to Sequence A phases of startups. This system was professional bono and no capital was allotted for it. Google India additionally didn’t take any onboarding costs or fairness from the startups to take part within the cohort.
The cohort for the accelerator was introduced in October 2022, with 20 women-led startups working in AI/ML, cloud, UX, Android, web3, product technique and progress. At Google For India 2022, the tech large made a number of different bulletins to assist foster inclusion inside India’s digital ecosystem.
Together with a number of initiatives to make the web extra accessible, together with vernacular language assist in Search and YouTube, Google additionally introduced Challenge BINDI at Google for India 2022, which can consider and mitigate equity points in publicly out there pure language processing (NLP) fashions.
“This mission will enable us to advance analysis and information and construct an understanding of AI fashions alongside three dimensions – societal context like household construction and schooling, technological gaps like entry and social tradition and norms,” stated Sapna Chadha, vice chairman of selling at Google.
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