The Startup Hub of the Ministry of Electronics and IT (MeitY) signed an agreement with social media giant Meta on Tuesday to launch an accelerator programme that will offer grants to startups developing services for the metaverse, a digital world that is a combination of virtual reality (VR) and mixed reality (MR) accessed through a browser or headset.
The programme would provide Rs 20 lakh grants to 40 early-stage entrepreneurs working in extended reality (XR) technologies. Initially, 80 innovators will be selected to attend a bootcamp, with a total of 16 innovators receiving funding of Rs 20 lakh each to assist them in constructing prototypes.
Four institutions will implement the accelerator programme: the International Institute of Information Technology in Hyderabad, the AIC SMU Technology Business Incubation Foundation in Sikkim, the Gujarat University Startup and Entrepreneurship Council, and the Foundation for Innovation and Technology Transfer at IIT Delhi.
“Young Indian Startups, particularly from Tier 2/3 cities, will play a significant role in emerging tech areas such as Web 3.0, blockchain, AI, Metaverse, and so on, shaping the future of Technology and the internet for India and the world,” said Rajeev Chandrashekhar, Minister of State for Electronics and IT.