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Amazon launches a $250 Mn Amazon Smbhav Venture Fund

YB WEB DESK. Dated: 4/17/2021 11:03:22 AM

Y B News Jammu, Apr 16 In the opening session of its flagship event Smbhav, Amazon India today announced a $250 Mn Amazon Smbhav Venture Fund (the Venture Fund) to invest in startups and entrepreneurs focusing on technology innovations in SMB digitization, Agriculture and Healthcare. The Venture Fund will invest in technology-led startups that are passionate about unlocking possibilities of a digital India. The Venture Fund will specifically focus on encouraging the best ideas to digitize SMBs (Small & Medium Businesses), drive technology-led innovation in agriculture to improve farmer productivity and enable them to bring the best of India’s farms to consumers, and enable universal and quality healthcare access for all using technology. Additionally, Amazon announced plans to digitally empower andbring1MM offline retailers and neighborhood stores online, on the Amazon India marketplace, by 2025 through the Local Shops on Amazon program. At the same event, Amazon also launched the ‘Spotlight North East’ initiative to bring 50,000 artisans, weavers, and small businesses online from the 8 states in the North East region of India by 2025 and to boost exports of key commodities like tea, spices and honey from the region. These new initiatives were announced during a fireside chat at Amazon Smbhav between Andy Jassy, AWS CEO and incoming CEO of Amazon, and Amit Agarwal, Global Senior VP and Country Head, Amazon India where they reiterated Amazon’s long-term commitment to unlock the infinite possibilities for India. Speaking at Smbhav 2021, Amit Agarwal, Global Senior VP, and Country Head, Amazon India said, “In 2020, we pledged to digitize 10MM SMBs, enable $10B in exports, and create 1MM jobs by 2025. Through our initiatives, we are committed to being a catalyst and a partner in unlocking the possibilities for a Digital India, and realize the vision of an Aatmanirbhar Bharat as put forth by the Hon’ble PM. The launch of the Amazon Smbhav Venture Fund aims to attract the best ideas and empower entrepreneurs in the country to partner in this vision. Additionally, our initiatives to onboard 1MM offline shops on Amazon. in and digitally empower the North East region will accelerate the progress towards a digital and self-reliant India.” In the SMB sector, through the Venture Fund, Amazon will invest in technology startups that digitize SMBs for demand access, efficient operations, and supply chain efficiency. The Venture Fund will independently invest in startups, building solutions to empower SMBs to launch, manage, and grow their business online, automate and digitize their operations, and expand their business globally by exporting to customers worldwide. These investments will help seed and scale up innovation in the sector. Two additional focus areas will be agriculture and healthcare. In the Agri-tech sector, the Venture Fund aims to invest in Indian startups that are using technology to bring the best products to consumers, make agri-inputs more accessible to farmers, provide tailored agronomy solutions to farmers to improve productivity, distribute credit and insurance to farmers or reduce food waste by building efficient farm to fork supply chains. In the Healthcare sector, the Venture Fund aims to invest in Indian startups that are using technology for doctor assistance.