The $100 million venture capital arm of the e-commerce giant, Flipkart Ventures, announced that it will invest in six startups as part of its accelerator programme, Flipkart Leap Ahead.
These startups include Dopplr, an organisation focused on the metaverse, Livwell, an insurtech company, LogisticsNow, and NeuroPixel. Rightbot Technologies, an AI-based robotic fulfilment firm, and Sellerapp, an e-commerce seller-enablement company.
The chosen firms will also benefit from a mentorship programme created by Bain & Company and an equity investment from Flipkart of up to $500,000.
According to the company, entrepreneurs participating in the mentorship programme will have meetings with executives from Flipkart in the areas of business, products, technology, and finance. The startups will pitch their concepts to potential investors at the end of the programme.
Following a selection procedure that included numerous rounds of examination by executives from Flipkart and Flipkart Ventures, the startups were chosen.
Ravi Iyer, senior vice-president, and head, corporate development at Flipkart, said, “Through this endeavour, we aim to be a catalyst in the growing startup community by continuing to expand our programme each year and presenting growth opportunities to emerging entrepreneurs.”
Eight startups that presented their business plans to investors and raised money made up the first cohort of the Flipkart Leap Ahead programme, which graduated in July 2021. ANS Commerce, a seller e-commerce SaaS company, Entropik Tech, a finance company with a focus on investments, and others were part of the cohort.
Later, in April of this year, Flipkart acquired ANS Commerce.
Similar to Flipkart, Amazon has a $250 million venture capital fund called Amazon Sambhav Venture Fund. It funds entrepreneurs that are digitising SMBs and making advances in the fields of agriculture and healthcare.
In August 2021, Amazon invested $40 million in the financial company Smallcase. More recently, as part of Fitterfly’s $12 million investment round, Amazon invested in the startup for digital therapeutics.