Early-stage startup funding: Flipkart’s early-stage investment arm Flipkart Ventures on Monday said it is investing in five startups as part of its accelerator programme Flipkart Leap Ahead (FLA) which is in its second year. The selected startups Algomage, Castler, FlexifyMe, NimbleBox.ai, and ReCircle focusing on Gen AI and ML-powered solutions, digital escrow banking stack and circular economy will get equity ranging from $250,000 to $500,000 along with mentorship to grow their businesses.
The startups will also receive support in achieving product-market fit, laying the grounds for a scalable architecture, and building cohesive teams, the company said in a statement.
Lubna Ahmed, Head of Flipkart Ventures, said, “We are pleased that many startups from last year’s cohort have been able to secure successful investor funding, cultivate new business relationships and implement pilot projects to support the ecosystem. This programme is a testament to Flipkart’s commitment to supporting India’s vibrant startup ecosystem that is playing a pivotal role in the country’s digital journey.”
Flipkart Ventures is a $100 million fund with a portfolio of over 15 companies such as BeatO, Finbox, Goat brand labs, Hyperface, Livwell, Neuropixel, Rightbot and others.
Among the selected startups, Algomage is a 2021-founded startup that automates end-to-end image post-production (culling, editing and sharing) using machine learning while Castler works in digitizing escrow banking for managing payments and settlement.
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FlexifyMe is an AI-enabled physiotherapy platform to address long-term care for musculoskeletal disorders. The last two startups, NimbleBox.ai’s ChatNBX is a managed service to build generative AI applications. It integrates with enterprises’ cloud accounts as well as on-premise, hosting commercially usable models for tailored use cases across industries. ReCircle is a clean-tech startup that works towards creating a circular economy to divert waste away from oceans and landfills.
Earlier this month, the accelerator programme had invited applications from startups for its third cohort.
Meanwhile, ahead of its 10th edition of The Big Billion Days, Flipkart had crossed 1.4 million seller mark earlier this month, registering a growth of over 27 per cent in its seller base since last year.
