Facebook-owned peer- to-peer messaging platform WhatsApp will organise a startup challenge in India to promote the startups of the country. According to reports, WhatsApp will partner with Invest India to carry out the event with an aim to invest in the top five participants of the competition.
“WhatsApp will invest quarter of a million dollars as seed funding to the top 5 winners of the WhatsApp Startup Challenge,” an official statement said.
Also, the company would invest an additional $2,50,000 (roughly Rs. 1.8 crores) to a select few firms from the entrepreneurial community to promote their WhatsApp business number on Facebook.
“Startup community is the future of India and it will be the platform through which “millions of youth of this country will be gainfully employed”, said Union Minister of Commerce and Civil Aviation, Suresh Prabhu, at the announcement of the event.
“India adds over three new startups a day, ranking it amongst the top startup nations in the world. Through this partnership with WhatsApp, we aim to support the innovative startups in India and to create solutions not only for India but the entire world”, said Deepak Bagla, CEO, Invest India – the national investment promotion and facilitation agency.
The competition is expected to attract a large number of startups across the country and is an opportunity for the young breed of entrepreneurs to work closely with giants like Facebook and WhatsApp.
“We are excited to work closely with Startup India by supporting entrepreneurs and startups to become engines of economic growth,” said Chris Daniels, Vice President, WhatsApp.