SUMMARY
Of the startups selected under the accelerator, more than 30% are from tier 2 and 3 cities
20% of the selected cohort is led by women
Backed by Meta’s $50 Mn XR Programs and Research Fund, the accelerator will support 40 early-stage XR startups with a grant of INR 20 Lakhs each.
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
The Ministry of Electronics and Information Technology-backed MeitY Startup Hub (MSH) and social media giant Meta have shortlisted 120 startups under the XR Startup Program.
The initiative, which aims to discover, nurture and accelerate XR-related startups in the country, has two pillars – the accelerator programme and the grand challenge.
Of the startups selected under the accelerator, more than 30% are from tier 2 and tier 3 cities. Similarly, 40% of the platforms shortlisted under the grand challenge are from smaller cities and towns.
As per a statement from the ministry, 20% of the cohort is led by women founders and co-founders.
“Emerging technologies like XR will have a significant impact on the digital ecosystem. Indian startups and innovators, especially from non-metros, will play a key role in shaping technologies like the metaverse and the future of the internet. The collaboration with Meta will provide the necessary impetus in supporting and scaling up such startups,” said MSH chief executive officer Jeet Vijay.
Meta India’s director of public policy Shivnath Thukral said, “.. Combined with a robust startup ecosystem and a strong tech talent pool, the startups and innovators from Tier II & III towns are well poised to shape the digital future of the country. Initiatives like the XR Startup Program with MeitY Startup Hub, will further act as a catalyst to the growth of technology startups and innovators across India.”
This comes three months after the project was first announced by the government in September last year. The project is being executed in partnership with IIT Delhi, IIT Hyderabad, Sikkim Manipal University, and Gujarat University. The project is also backed by Meta’s $50 Mn XR Programs and Research Fund.
The accelerator will support 40 early-stage startups working in XR domain with a grant of INR 20 Lakhs each.
On the other hand, the grand challenge will facilitate early-stage innovators in sectors such as education, healthcare, gaming and entertainment, agritech, and climate action, among others. Of the first 80 innovators that will be shortlisted for the bootcamp, 16 startups will be selected for the grants, which will enable them to develop Minimum Viable Product (MVP) and prototypes.
Under the XR Startup Program, both MSH and Meta will provide the startups with mentorship, partnership opportunities, and fundraising, among other benefits.
XR has applicability in a host of domains such as virtual reality (VR), augmented reality (AR), virtual production, gaming, blockchain, and metaverse.
As a result, the government has ramped up focus on promoting emerging technologies. From establishing centres of excellence for Internet of Things in three cities to setting up research and innovation centres in VFX and blockchain, the centre has left no stone unturned to shore up the industry.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.