Amazon Announces $250 Million ‘Smbhav Venture Fund’ To Invest In Indian Startups And Entrepreneurs
Amazon India has announced a $250 million ‘Smbhav venture fund’ to invest in Indian startups and entrepreneurs focused on tech-led innovations.
Amit Agarwal, global senior vice president and country head of Amazon India, said Smbhav venture fund will focus on three broad areas- digitisation of small businesses in the country, agri-tech innovations to empower farmer productivity and health tech to provide universal and quality healthcare for Indian citizens.
Powering Indian SMEs, the eCommerce giant has also pledged to onboard 1 million offline retailers and neighbourhood stores by 2025 through its Local Shops on Amazon program.
Speaking about Indian small and medium-sized businesses, Andrew Jassy, Amazon Web Services (AWS) chief, said,
“Small and medium-sized businesses are often the engine and the lifeblood of economies, and I think it’s true in India as well. We are very passionate about trying to enable acceleration of small medium-sized businesses in fueling innovation and the economy in India. Through the Smbhav Venture Fund, we are going to help inspire more SMEs to be able to build brand new businesses.”
Amazon also announced the launch of the ‘Spotlight North East’ initiative. Spotlight North East initiative looks to provide technology tools and customers to local women and tribal communities in India’s northeast region.
By 2025, Amazon looks to benefit 50,000 weavers, artisans from tribal communities, including local small businesses and offline neighbourhood stores.
Announcements regarding these new initiatives were made during a fireside chat at the Amazon Smbhav event between Andy Jassy and Amit Agarwal (Global Senior VP and Country Head, Amazon India).
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