Facebook has announced a partnership with venture capital (VC) Stellaris Venture Partners to scale young businesses in India by providing them digital skilling support.
The social media major announced the tie-up strengthening its commitment to accelerate the growth of small and medium businesses in the country on Tuesday.
The partnership is part of Facebook’s VC Brand Incubator Programme, an initiative for building the SMB ecosystem in the country along with leading venture capital funds, and providing young businesses timely business skilling and customised training to improveprofitability levers such as new customer acquisition, reach, and brand engagement.
The partnership with Stellaris Venture Partners marks the completion of a two-years milestone of the VC Brand Incubator Program.
Stellaris Venture Partners is an early stage, technology-focused venture capital firm working with SMBs such as Boldcare, Beepkart, CredFlow, Propelld and Whatfix, among others. Their investment focus areas include global software companies with an India advantage, as well as tech businesses solving India-specific problems.
Archana Vohra, Director, Small and Medium Businesses at Facebook India said, “We know that timely skilling can unlock multiple growth opportunities for small businesses that are the backbone of India’s economy.”
“As business after business moves online in current times, the need for timely digital up-skilling becomes even more urgent to drive their recovery and growth. Facebook is committed to the economic recovery of India, and as we mark the two-year milestone for the programme, we are delighted to partner with Stellaris Venture Partners to help early stage SMBs unleash their true potential to grow and scale their business,” added Vohra.
The latest edition of the VC brand incubator programme is focused on health and wellness, e-Commerce and CPG, and is closely followed by a mix of fintech, education and transport businesses.
Rahul Chowdari, Partner/ Co-Founder, Stellaris Venture Partners said, “Stellaris is committed to providing platforms to founders that help them build world-class companies and our partnership with Facebook is another step in that direction.”
“Start-ups and small businesses are going to be the key drivers of growth and employment in the future and programmes like the VC Brand Incubator will go a long way in boosting the start-ups and the small businesses ecosystem in the country. The VC Brand Incubator helps entrepreneurs understand the Facebook ecosystem better and avoid common mistakes,” added Chowdari.
In a span of 24 months since the inception of the VC Brand Incubator Program, Facebook has tied up with nine VC funds and has skilled, trained, and mentored more than 200 small businesses at various stages of their growth. Prior to the partnership with Stellaris Venture Partners, Facebook partnered with Sauce.vc, Fireside Ventures, Elevation Capital [SAIF Partners], Surge [Sequoia], DSG Consumer Partners, Matrix Partners, Anthill Ventures, and Kae Capital for the programme.