Venture Capital

Amazon Joins Startup India Programme, Venture Capitalist Funds To Boost Export Of Made-In-India Products

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Amazon India is collaborating with major venture capital funds Sequoia Capital and Fireside Ventures to join the government’s Startup India initiative and create an accelerator program like Y-Coimbatore, reports Times of India.

The programme is named Amazon Global Selling Propel and it aims to build and boost the exports of indigenously made consumer goods on the global scale.

Startup India CEO Deepak Bagla, Sequoia Capital MD Rajan Anandan and Fireside founder partner Kanwaljit Singh along with other senior executives of Amazon will be the part of the expert panel of the programme.

The panel will mentor 10 selected startups from all the applicants for six months and a ‘Demo Day’ will be held thereafter.

Amazon India’s director of global trade Abhijit Kamra said, “On Demo Day, which happens six months later, the top three startups will get an equity-free grant of $50,000 from Amazon and then they can also pitch to Sequoia and Fireside to raise capital.”

This accelerator program is in line with Amazon CEO Jeff Bezos’ vision to export $10 billion worth made-in-India products over the next five years.

Amazon India’s sellers had sold goods worldwide amounting to around $2 billion until July 2020 through various Amazon platforms.

Read more at swarajyamag.com

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