Alibaba launches $20 million InDev funding program to fund Indian Startups

9Apps, a venture by Alibaba Mobile Business Group has recently invested $20 million in a program named InDev. This program is aimed at helping 100 Indian Startup developers over the next two years.

UNDP has recently declared India as the fastest growing and the second largest (to become the largest by 2050) youth population in the world. Naturally, with such a huge youth population comes the requirement of a demand of internet availability along with its complementary products and services.

The rapid growth of internet usage in the country is mostly a result of mobile usage. With the current official no. of internet users standing at 462 million, the number is expected to cross 500 million by 2018. In 2015, India had 9 billion app downloads (a 500% percentage increase since 2012). The estimated total revenue growth from $416 billion in 2015 to $1.2 billion in 2018 is just a tentative number that is bound to increase, considering the current exponential growth rate.

One of the major contributors to these figures is the long list of startups.widely labelled as the startup generation, the dependence on mobile internet is on the rise.

With over 5,000 (third largest globally, with a funding of over $5 billion in 2015) registered startups in the market, India promises to be a fruitful venture-land for such a venture.