Meta has unveiled a fresh initiative in India, introducing the Mixed Reality Program with a substantial grant of $250,000 (approximately Rs 2,05,07,050). This funding will be allocated to Indian startups and developers to create applications and experiences on Meta’s Presence Platform.
The Presence Platform by Meta encompasses a range of machine perception and AI capabilities designed for the Meta Quest Platform and the realization of the company’s vision for the Metaverse. With this grant, Meta aims to promote innovation and cultivate an ecosystem of extended reality technologies within the country.
Within the program, up to five Indian developers and startups will receive financial support, along with mentorship and guidance from experts at Reality Labs. Participants will also gain access to Meta’s developer ecosystem, enabling them to upload their products to the Quest App Lab. Furthermore, selected startups will have the opportunity to connect with prominent local venture capital funds at the program’s conclusion.
This announcement from Meta, the parent company of Facebook, follows closely after Apple’s recent entry into the mixed reality space with the unveiling of its Vision Pro headset, slated for release in 2024.
According to Sandhya Devanathan, the Vice President for India at Meta, the country is projected to have the world’s largest developer base by 2024. The establishment of this fund and program is a testament to Meta’s recognition of the importance of fostering innovation and emerging technologies in India.