Months just after Walmart’s Flipkart announced its startup accelerator programme to help the Startup India movement, Amazon has now followed suit. The Jeff Bezos business in India has launched its early-stage accelerator programme Amazon Global Selling Propel (AGSP) to enable emerging brands and startups in customer merchandise space sell in international markets through Amazon’s Global Selling programme. The business has got its leaders from India and abroad, venture capital investors, and senior leaders from the government’s Startup India and Invest India programmes to enable startups develop and mentor them on enhancing their e-commerce exports from India. The programme will also let startups to pitch their companies to venture capital firms Sequoia Capital India and Fireside Ventures and a opportunity to safe $50,000 in an equity-no cost grant from Amazon.
“With Amazon Global Selling we will continue to make Exports simple and accessible to businesses of all sizes and fulfill our commitment of enabling $10 billion in e-commerce exports from India by 2025,” mentioned Amit Agarwal, Global Senior Vice President and Country Head Amazon India in a statement. Amazon CEO Jeff Bezos for the duration of his 3-day take a look at to India final year had mentioned that the business will enable export $10 billion worth of goods created by Indian modest and medium enterprises by 2025 and that it would invest $1 billion to enable digitise these companies. Amazon has announced about $7 billion investment in India so far.
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Eligible startups would be early-stage companies, which have raised post-seed to pre-Series A stage capital, if funded, and would want to export to other markets. Such startups could apply till February 7, 2021, and will evaluated “by an Amazon led panel on the basis of the business idea, scalability and strength of the business plan/model, business metrics in launched markets, founding team credentials amongst others,” it mentioned. The accelerator will host 10 shortlisted startups for the six-week programme and prime 3 winners of the programme will get the equity-no cost grant.
Amazon and Flipkart are aspect of a developing tribe of corporates engaging with startups in India and globally to help them. Reliance, Google, Microsoft, Cisco, Amity, Intel, Oracle, Target, Yes Bank, and so on. have engaged with startups in India in various methods such as venture capital arms, family members workplace, incubator/accelerator vertical, or investment on a standalone basis. Flipkart had earlier this month announced picking eight startups for its 16-week accelerator programme announced in August final year and will give equity-no cost grant of $25,000 to chosen startups.