Walmart-Backed Flipkart Will Invest $500,000 In 6 Indian Startups: Special VC Funds Created
Startups Chosen For Accelerator Program
This ‘Flipkart Ventures’ was set up in 2019 and has publicly revealed its investments plans which include Thrasio-styled startup GOAT Brand Labs and fintech startup Hyperface.
When it comes to Flipkart, this e-commerce company itself has been an active investor in the country’s startup ecosystem.
Presently, its portfolio is having minority investments in more than 12 companies including startups such as Ninjacart, Shadowfax and Blackbuck, as well as traditional companies such as ABFRL and Arvind.
After a rigorous selection process, the six startups in the accelerator programme were announced on Thursday.
The selected six startups list includes metaverse platform Dopplr, blockchain-based insurtech Livwell, logistics platform LogisticsNow, AI-based fashiontech company NeuroPixel, robotics automation platform Rightbot, and market intelligence platform Sellerapp.
Providing Mentorship And Guidance
The selection process involved multiple rounds of evaluation based on objective criteria, which was carried out by a board of cross functional executives at Flipkart and the Flipkart Ventures team.
Basically, this program aims to provide early-stage startups with mentorship and guidance to grow, scale, and build for Digital India.
The selected firms will undergo a mentorship program delivered through a customized curriculum, which has been designed by consulting major Bain & Company.
The programme will have regular mentor connect sessions with experienced Flipkart leaders across various functions such as business, product, technology, and finance.
Flipkart Leap Ahead Program
By the end of this program, the startups will be able to present their ideas, fine-tuned over the course of the 16-week mentorship training, to potential investors and industry leaders on a Demo Day.
Then comes the Flipkart Leap Ahead program, which will be the cornerstone of seed-stage investments made by Flipkart Ventures.
In a few words, Flipkart Leap Ahead has been conceptualized to support early-stage startups which have the potential to disrupt the digital ecosystem and aid their growth through structured mentorship and funding.
Coming to the six startups which have been selected by the Flipkart are building capabilities across a wide array of solutions.
Each of them catering to a unique problem statement and the present needs of consumers and sellers online.
“Furthering our commitment to fostering India’s entrepreneur ecosystem, with Flipkart Leap Ahead we want to support startups to scale up their businesses and build relevant solutions to solve complex problems in consumer internet and technology ecosystem,” said Ravi Iyer, Senior Vice President and Head, Corporate Development.
Further adding, “Through this endeavor, we strive to be a catalyst in the growing startup community by continuing to expand our program each year and presenting growth opportunities to emerging entrepreneurs. We are thrilled to invest in and mentor the six selected startups possessing unique ideas, disruptive business models and new innovative technologies,”.