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Google to invest Rs 109 cr to support Covid-hit SMEs
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SME Times News Bureau | 17 Feb, 2021
Google on Wednesday said it would give $15 million (nearly Rs 109 crore)
to support small and micro enterprises in India in the face of Covid-19
pandemic.
The investment is part of the $75 million commitment from Google to help small businesses outside of the US.
"In
India, we will invest $15 million to support small and micro
enterprises across the country and are in discussions with local
partners," the company said in a statement.
The company is
working with non-government partners who have a long track record of
providing resources to businesses that are generally overlooked by
traditional lenders.
When the pandemic hit last year, Google
announced a $200 million investment fund as part of its more than $800
million commitment to support small businesses.
"Gogle has had a
special relationship with small businesses around the world – helping
them scale, innovate and reach new customers. With today's
announcement, we're proud to help them meet a new challenge — accessing
capital needed to recover and build resiliency for the future," the tech
giant said.
In July last year, the company's CEO Sundar Pichai
announced a Google for India digitisation fund through which, the
company will invest Rs 75,000 crore or approximately $10 billion over
the next five to seven years to help India go digital.
"We will
do this through a mix of equity investment, partnerships and an
operational infrastructure ecosystem in India. This is a reflection of
our confidence in the future of India and its digital economy," Pichai
said during the ‘Google for India' virtual conference.
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