In recent developments, an Indian unit of U.S.-based online retail giant Amazon.com Inc. has reportedly collaborated with Startup India to launch its accelerator program- Amazon Global Selling Propel (AGSP), which is aimed at assisting emerging early-stage Indian startups and consumer brands to cater to customers in international markets.
For the uninitiated, Startup India was introduced by the Government of India to boost the start-up culture in the country while building a robust and inclusive ecosystem to make headway for innovation and entrepreneurship.
The recent development comes after the Indian e-commerce company, Flipkart, announced the selection of eight startups as a part of its 16-week accelerator program announced in August 2020. Sources close to Flipkart cited that the company will be offering an equity-free grant worth USD 25,000 to the selected startups.
According to reliable sources, Amazon Global Selling Propel will focus on identifying 10 early-stage consumer product startups and guide them in building successful export businesses, with the aid of insights from other brands that sell on Amazon’s online platform.
CEO of Amazon, Jeff Bezos, during his visit to India, announced that the company will help in exporting USD 10 billion worth of consumer goods manufactured by Indian SMEs. He also mentioned that the organization would be investing around USD 1 billion towards the digitization of these businesses.
Amit Agarwal, Global Senior VP and Country Head of Amazon India, was reported saying that the company’s flagship program is witnessing great impetus with growing interest from exporters across the country. The company will accomplish its goal of enabling USD 10 billion in e-commerce exports from India by 2025, he added.
Amazon India has also collaborated with Fireside Ventures and Sequoia Capital India LLP to help the selected startups in potentially raising capital by pitching their businesses to venture capital firms. Reportedly, the top three startups on the program will have a chance to secure USD 50,000 in an equity-free grant from the U.S.-based online retail giant.
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