On Tuesday, Facebook announced an Rs. 32 crore grant for Small and medium-sized enterprises in India. This grant is a part of the program that the social media giant had announced earlier this year. This program constitutes of $100 million in cash and advertisement credits, however, the company said that cash has a larger share in this program.
What did Facebook’s India Head say?
Ajit Mohan is the head of Facebook in India. He said that Facebook will be distributing the said fund to over 3000 Small and medium-sized enterprises (SMBs) in the country. The fund will be disseminated in the cities where the company has offices like Bengaluru, Delhi, Gurugram, Hyderabad, and Mumbai.
Ajit Mohan also informed that the SMBs need not be the part of the Facebook technologies or even be a customer for the company. He further said that the applications for this funding will open shortly. This funding program is open to all industries and verticals and businesses can do whatever they want with the money.
Gift cards feature
The social media giant also informed that the company at both the sites that is Instagram and Facebook is coming up with gift cards feature to India. This feature allows the sellers to sell gift cards on Instagram and Facebook using their Facebook or Instagram pages, advertisements, and much more. This gift card initiative is an online to offline feature as buyers buy these gift cards from these online platforms and they use it in their real-world means at offline locations.
According to Ajit Mohan, these Gift cards will help the small and medium-sized enterprises reach more customers online. Not only customers, but this will also help them to know about potential buyers. The gift card feature is active globally but Facebook will localize it in India by working with partners here.