Six firms will receive early funding from the $100 million venture arm of Flipkart
The e-commerce business has a portfolio of minority investments in more than 12 firms, including both classic businesses like ABFRL and Arvind and startups like Ninjacart, Shadowfax, and Blackbuck.
admin
As part of its accelerator programme, Flipkart, a large online retailer, would invest up to $500,000 from a $100 million venture fund in six firms.
The publicly known investments of the 2019-founded Flipkart Ventures include the financial startup Hyperface and the Thrasio-inspired GOAT Brand Labs. The e-commerce company has invested actively in the startup ecosystem and currently holds minority stakes in more than 12 businesses, including both innovative startups like Ninjacart, Shadowfax, and Blackbuck as well as more established businesses like ABFRL and Arvind.
The Flipkart Ventures team and a board of cross-functional executives chose the six entrepreneurs participating in the accelerator programme after a rigorous selection process that comprised numerous rounds of evaluation based on objective criteria. The initiative intends to offer mentorship and advice to early-stage entrepreneurs so they can grow, scale, and develop for Digital India.
The businesses will participate in a mentorship programme that will be provided using a specialised curriculum created by top consulting firm Bain & Company. Regular mentoring sessions with seasoned Flipkart professionals from a range of departments, including business, product, technology, and finance, are part of this.
The companies will get the opportunity to showcase their concepts to potential investors and business leaders on a Demo Day at the conclusion of the programme after they have been polished over the course of the 16-week mentorship session.
The goal of Flipkart Leap Ahead is to provide structured mentoring and financial support to early-stage entrepreneurs that have the potential to upend the digital economy. The six businesses are developing their skills across a wide range of solutions, each one addressing a particular problem statement and the demands of online buyers and sellers at the time.
This includes a metaverse with virtual stores, robotic supply chain solutions, fashion cataloguing powered by AI, business optimization powered by data analytics, data-based freight intelligence, and more that can improve the experiences of buyers and sellers.
Eight entrepreneurs from the Flipkart Leap Ahead program's first cohort graduated in July 2021 after making a successful pitch to investors and securing additional investment.
