Meta made a significant announcement on Wednesday, June 28, revealing a $250,000 fund aimed at supporting Indian startups and developers involved in the development of mixed reality (MR) products. The initiative will select up to five startups to receive a financial grant, allowing them to build apps and experiences on Meta’s Presence Platform. By leveraging extended reality (XR) technologies, Meta aims to foster innovation, boost the local XR ecosystem, and advance the adoption of VR and MR experiences in India.
The Presence Platform, offered by Meta, provides a comprehensive range of products and services for developers to create mixed reality experiences specifically for Meta’s virtual reality platform, Meta Quest. As part of the program, the selected startups will not only receive financial support but also benefit from mentorship provided by experts at Meta Reality Labs. Additionally, they will have the opportunity to network with Indian venture capital (VC) funds, potentially opening doors for future investments and partnerships.
Meta India’s Vice President, Sandhya Devanathan, expressed optimism about the fund and program, stating, “We believe that this fund and program will accelerate the creation and adoption of VR and MR experiences in the country and give Indian developers an opportunity to go global with their innovations.”
The application process for interested startups has begun, and the selection of participants will occur over the next few months. Both emerging and established companies and developers from all regions of India are encouraged to apply. Once selected, the startups will be required to develop projects on Meta’s Presence Platform, which will then be integrated into existing or new Meta Quest apps.
This fund initiative aligns with Meta’s broader strategy to enhance its in-app XR features and drive the adoption of its mixed reality platform. It allows the social media giant to tap into India’s vast talent pool in this domain and make virtual experiences more accessible and tangible to users.
The Presence Platform is an essential component of Meta’s metaverse vision, according to Devanathan. The company recognizes the importance of fostering innovation in emerging technologies within the country.
Interestingly, this is not Meta’s first attempt to engage Indian XR startups. Earlier this year, in collaboration with the Ministry of Electronics and Information Technology (MeitY), Meta shortlisted 120 startups for the XR startup accelerator program. The initiative aimed to provide grants of INR 20 lakh each to support 40 early-stage XR startups.
XR, an umbrella term encompassing augmented reality (AR), virtual reality (VR), and mixed reality (MR), has gained traction across various industries, including gaming, education, healthcare, and retail. Startups such as Urban Ladder have leveraged AR to help customers visualize furniture in their homes, while companies like BYJU’S have explored AR and VR to enhance customer experiences. With increasing smartphone and internet penetration, the Indian AR/VR market is projected to reach $14.07 billion by 2027, signifying substantial growth opportunities.
Meta’s latest fund for Indian startups demonstrates its commitment to nurturing the XR ecosystem and driving technological advancements in the country, as it seeks to solidify its position as a leader in the metaverse.
