Could Microsoft`s Investment in Bengaluru Boost Tech for India?
| Wednesday | 17th June, 2020
The fight to become India’s tech capital continues, with Bengaluru the Silicon Valley of India, seeing a huge uplift in June 2020.
Indian start-ups are to receive a boost as Microsoft opens a venture fund office in Bengaluru. As the city strives to match its rivals around the world for tech supremacy, will Microsoft`s move help tech-focused businesses in India?
Microsoft to Open Bengaluru Office
The main focus of Microsoft`s fund will be start-ups, with capital also being offered to companies that are in later stages of needing funding, and those which specifically offer cross-border solutions. The remit for the funding is varied – from B2B to security and new technologies to apps.
Microsoft is especially interested in seeing what graduates from India’s tech and engineering universities can produce. They have previously invested in companies in the country. Not only will the fund office help with cash flow and seed money, but they are reportedly also on hand to tackle other organisational issues that growing companies face.
Are Cross-Border Payments the Future of Start-Ups?
Cross border solutions could include the growing industry of digital payments. There are many uses for digital payments in day-to-day life and it only looks like these provisions are likely to increase. In fact, the reserve bank of India has recently unlocked $33 million to support digital payments infrastructure. This aims to help digital payment solution penetration, with such practices further adopted around the country.
Manifold different sectors have taken to these kinds of payments. Indeed, telecoms company Airtel expressed in 2016 a desire to aid in the commitment to digital India, with investment in education on digital payments and support for 3 million merchants accepting digital payment options.
Naturally, digital payments are booming online. As we can see here, the online casino site offers a range of different payment options to the standard bank transfer – including Skrill, Neteller, and MuchBetter. These digital solutions for traditional payments provide their own benefits as compared to traditional methods and, the more people who engage with them, the more the industry has incentive and funding to improve the digital payments offering.
Start-ups are now able to see what problems are facing the country and how cross-border, digital solutions could help solve them. With major companies involved and the support of the government, it is likely that India will emerge as a major digital player in the years to come.
Indeed, India’s government has announced a commitment to improving its standing as a digital nation and hopes to compete with the other digital giants such as the USA and China. The investment from Microsoft that comes in the form of their Bengaluru office could aid in this as it provides opportunities for start-ups in India who might otherwise not have been able to flourish.
The move is positive as it shows not just a verbal commitment to the digital future of India but clear avenues towards progress along such lines. Microsoft offering these venture fund investments proves that India has a bright digital future, as the tech company will naturally want to see a return on their investments and is thus intent on making sure they will get one.
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