Technology for MSMEs: Facebook’s increased support for small businesses comes amid the government’s intent to increase MSMEs’ GDP share and employment generation.
Technology for MSMEs: Facebook, which launched ‘VC Brand Incubator Program’ in June this year to tie-up with venture capital (VC) funds to help small and medium businesses (SMB) in their network grow, on Thursday announced partnering with third fund — SAIF Partner. Facebook had already partnered with Mumbai-based early-stage fund Sauce.VC and Bengaluru-based Fireside Ventures to offer skills and guidance to SMBs across sectors. The social networking giant has already mentored over 70 businesses so far as part of the programme.
“Our vast experience with SMBs tells us that strong digital skills and timely guidance can help them succeed and increase profits quickly,” Archana Vohra, Director, Small and Medium Businesses at Facebook India Facebook said in a statement. SMBs have seen “measurable and positive business impact” from the programme, according to Vohra.
SAIF Partners is among the tier-I VC funds in the country, having backed businesses including MakeMyTrip, BookMyShow, Justdial.com, and Paytm as an early-stage investor. The fund, overall, has backed 100 companies so far and has $3 billion in assets under management.
Such programmes “will go a long way in helping early-stage consumer-focused companies avoid common mistakes, enabling them to create differentiated brand awareness on digital platforms,” said Deepak Gaur, Managing Director, SAIF Partners. 24 brands from e-commerce, CPG, auto, education, health etc., such as Chaayos, Spinny, Airblack, Peebuddy, Skoodoo, and TheMomsCo. associated with SAIF Partners are now part of the incubator programme.
Companies have also claimed to get positive results on the business from the programme. “Facebook’s support has helped us propel our business and attain 10X growth in scale,” Said Aman Gupta, Co-Founder of BOAT without disclosing the figures.
Facebook’s increased support for small businesses comes amid the government’s intent to increase MSMEs’ GDP share from current 29 per cent to 50 per cent and adding 5 crores more jobs in the coming five years to existing 11 crores.