After Flipkart, Amazon launches startup accelerator; to offer $50K grant, help in e-commerce exports

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January 19, 2021 4:19 PM

Amazon CEO Jeff Bezos during his three-day visit to India last year had said that the company will help export $10 billion worth of goods made by Indian small and medium enterprises by 2025.

It said the entire legal basis of the emergency arbitration award that Amazon secured to halt the Rs 24,713 crore deal, "stands vitiated".The accelerator will host 10 shortlisted startups for the six-week programme.

Months after Walmart’s Flipkart announced its startup accelerator programme to support the Startup India movement, Amazon has now followed suit. The Jeff Bezos company in India has launched its early-stage accelerator programme Amazon Global Selling Propel (AGSP) to help emerging brands and startups in consumer products space sell in international markets via Amazon’s Global Selling programme. The company 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 help startups grow and mentor them on enhancing their e-commerce exports from India. The programme will also allow startups to pitch their businesses to venture capital firms Sequoia Capital India and Fireside Ventures and a chance to secure $50,000 in an equity-free 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,” said Amit Agarwal, Global Senior Vice President and Country Head Amazon India in a statement. Amazon CEO Jeff Bezos during his three-day visit to India last year had said that the company will help export $10 billion worth of goods made by Indian small and medium enterprises by 2025 and that it would invest $1 billion to help digitise these businesses. Amazon has announced around $7 billion investment in India so far.

Also read: IAMAI Summit: 2021 onwards, every payments business will focus on profitability, says Vijay Shekhar Sharma

Eligible startups would be early-stage businesses, which have raised post-seed to pre-Series A stage capital, if funded, and would want to export to other markets. Such startups may 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 said. The accelerator will host 10 shortlisted startups for the six-week programme and top three winners of the programme will get the equity-free grant.

Amazon and Flipkart are part of a growing tribe of corporates engaging with startups in India and globally to support them. Reliance, GoogleMicrosoft, Cisco, Amity, Intel, Oracle, Target, Yes Bank, etc. have engaged with startups in India in different ways such as venture capital arms, family office, incubator/accelerator vertical, or investment on a standalone basis. Flipkart had earlier this month announced selecting eight startups for its 16-week accelerator programme announced in August last year and will offer equity-free grant of $25,000 to selected startups.

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