Facebook-owned WhatsApp is going to invest $250,000 into the Indian startup ecosystem to encourage entrepreneurs for their business growth. The investment will support 500 new startups with the approval of the Department of Industrial Policy and Promotion (DPIIT). It will also offer $500 each for ad credits of Facebook. This investment is part of the WhatsApp’s Startup India project that launched in 2016 for nurturing innovative and creative ecosystems in the country.
WhatsApp is committed to providing support to the Indian startup as India's entrepreneurs are at the cutting edge in bringing impactful communal and fiscal change in achieving success, said Head of WhatsApp India, Abhijit Bose.
WhatsApp has 5,000,000 business accounts around the world. India alone is actively using 1,000,000 WhatsApp business app for spreading the business and connecting with customers.
A new feature will now allow startups to set up ads that invite customers and lead them to a chat on WhatsApp. This will further help startups establish profound connections and boost sales, the company revealed in a statement.
WhatsApp’s "Startup India-WhatsApp Grand Challenge" was launched right after the Indian Government’s Startup India initiative, which was formed to create a sturdy ecosystem to back innovation in the nation. Over 19,000 startups across 513 districts joined the Startup India program in the past three years.
WhatsApp’s investment came right after their "Startup India-WhatsApp Grand Challenge" where they awarded the top 5 winners with $50,000 ( approximately Rs. 35 lakhs). The eligibility criteria declared by Whatsapp is that the startup must at an initial transaction or an increasing stage and mandatorily approved by DPIIT. On the basis of first-come-first-serve, the selection and registration were done. Once registered, the early 500 startups got an opportunity of Facebook ad credits with a payment of $500.
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