New Delhi: E-commerce major Amazon on Thursday announced a $250 million fund — Amazon Smbhav Venture Fund — to invest in startups and entrepreneurs focusing on technology innovations in SMB digitisation, agriculture and healthcare. The fund was announced in the opening session of Amazon India’s flagship event Smbhav. A company said that the venture fund will invest in technology-led startups that are passionate about unlocking possibilities of a digital India. Amazon Launches ‘AWS Space Accelerator’ Programme for Startups.
In his address at Smbhav 2021, Amit Agarwal, Global Senior VP and Country Head, Amazon India said: “In 2020, we pledged to digitise 10 million SMBs, enable $10 billion in exports, and create 1 million jobs by 2025. Through our initiatives, we are committed to be a catalyst and a partner in unlocking the possibilities for a Digital India, and realise the vision of an Aatmanirbhar Bharat as put forth by the PM.” “The launch of Amazon Smbhav Venture Fund aims to attract best ideas and empower entrepreneurs in the country to partner in this vision. Additionally, our initiatives to on-board 1 million offline shops on Amazon.in and digitally empower the northeast region will accelerate the progress towards a digital and self-reliant India,” he said.
Our speakers in their #AmazonSmbhav ‘Stories That Teach’ session explores the possibilities of achieving the unknown by going the extra mile. Perseverance, resilience & tenacity have helped them unlock infinite possibilities in transforming their business digitally. #SmbhavHai pic.twitter.com/NimRkXs2ZL
— Amazon India (@amazonIN) April 15, 2021
The fund will specifically focus on encouraging the best ideas to digitise SMBs (small & medium businesses), and drive technology-led innovation in agriculture to improve farmer productivity. Additionally, Amazon announced plans to digitally empower and bring 1 million offline retailers and neighbourhood stores online, on the Amazon India marketplace, by 2025 through the ‘Local Shops on Amazon’ programme.
At the same event, Amazon also launched the ‘Spotlight North East’ initiative to bring 50,000 artisans, weavers and small businesses online from the eight states in the north-eastern region of India by 2025 and to boost exports of key commodities like tea, spices and honey from the region.
(The above story first appeared on Morning Tidings on Apr 16, 2021 11:01 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
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