Startup Ecosystem

Flipkart Partners with DPIIT to Invest and Mentor Emerging Startups

• ByStartupStory     |    December 10, 2024

In a move aimed at strengthening India’s burgeoning startup ecosystem, Flipkart, the ecommerce giant backed by Walmart, has announced a strategic partnership with the Department for Promotion of Industry and Internal Trade (DPIIT). The collaboration seeks to support emerging startups through funding, mentorship, and access to resources, helping them scale both locally and internationally.

As part of the Memorandum of Understanding (MoU) signed between Flipkart and DPIIT, Flipkart will back early-stage startups through its Flipkart Leap and Ventures initiatives. The company, which focuses on seed to Series A startups, will offer investments ranging from $200K to $500K. The collaboration will also see Flipkart aiding startups in prototype development and providing them with the infrastructure required for global expansion.

Since its launch in 2022, Flipkart’s accelerator has already supported 20 startups, with investments made in companies such as NeuroPixel.AI, Dopplr, and FlexiflyMe. The $100 million fund for the accelerator will continue to nurture innovation within the Indian startup landscape.

Rajneesh Kumar, Flipkart’s Chief Corporate Affairs Officer, shared his enthusiasm for the partnership: “With the continued association and combined synergies, we aim to unlock opportunities for entrepreneurs with our $100 Mn venture fund to pioneer breakthroughs that shape the future of technology and business in India and beyond.”

Through the MoU, DPIIT will offer identified startups valuable connections within the Startup India ecosystem, along with access to industry reports, research papers, datasets, and studies published by government authorities. The partnership will also help startups fast-track patent applications.

Sumeet Jarangal, Director at DPIIT, emphasized the significance of this collaboration, stating, “India’s startup ecosystem represents the spirit of innovation and entrepreneurship that drives our nation’s progress. By combining our strengths, this MoU will accelerate the transformation of ideas into impactful solutions, strengthening India’s position as a global innovation leader.”

This partnership marks the latest in a series of strategic collaborations by DPIIT to foster India’s startup ecosystem. Earlier in October, DPIIT formed an alliance with HCLSoftware to support manufacturing incubation initiatives, while also teaming up with Johnson Controls-Hitachi Air Conditioning India to set up a startup incubator in Gujarat. Additionally, DPIIT has partnered with B2B ecommerce platform Moglix to aid manufacturing startups.

These efforts coincide with the rapid growth of India’s startup ecosystem. According to Commerce Minister Piyush Goyal, DPIIT-registered startups have generated over 16.67 lakh direct jobs across more than 55 industries as of October 31, 2024.

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