Google’s investment of $4.5 billion (₹33,737 crore) in Jio Platforms Ltd,. is the first investment from Google For India Digitization Fund, which was announced on Monday.

ALSO READ: Google to give ₹75,000-cr push to Digital India

The fund aims to accelerate India’s digital economy over the next five-seven years through a mix of equity investments, partnerships and operational, infrastructure and ecosystem investments.

ALSO READ: Google to invest Rs 33,737 crore in Jio Platforms for 7.73 per cent stake

Google and Jio Platforms have also entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store, Google India said in a blog post.

This partnership comes at an exciting but critical stage in India’s digitisation. It’s been amazing to see the changes in technology and network plans that have enabled more than half a billion Indians to get online. At the same time, the majority of people in India still don’t have access to the internet, and fewer still own a smartphone—so there’s much more work ahead, it said.

“We think the time is right to increase our commitment to India significantly, in collaboration with local companies, and this partnership with Jio is the first step. We want to work with Jio and other leaders in the local ecosystem to ensure that smartphones—together with the apps and services in the Play Store—are within reach for many more Indians across the country. And we believe the pace of Indian innovation means that the experiences we create for India can ultimately be expanded to the rest of the world,” it said.

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