In the opening session of its flagship event Smbhav, Amazon India announced a $250-mn Amazon Smbhav 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 and bring 1-mn offline retailers and neighbourhood stores online, on the Amazon India marketplace, by 2025 through the Local Shops on Amazon program. 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.
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.
