Amazon India has announced a strategic investment of $120 million in local startups focused on the consumer goods manufacturing sector. This move aims to accelerate the digital transformation of these companies and help them scale in both domestic and global markets.
The funding will be channeled through the Amazon Smbhav Venture Fund, which was established in 2021 with an initial corpus of $250 million. The fund has since been expanded to $350 million. This investment is part of Amazon’s broader initiative, which aligns with a memorandum of understanding with India’s Department for Promotion of Industry and Internal Trade (DPIIT).
By supporting digitalization and innovation within India’s manufacturing sector, Amazon India intends to foster growth and enhance the global competitiveness of local startups. The move further strengthens Amazon’s commitment to promoting entrepreneurship and boosting India’s economic development.
| Picture by Wasiul Bahar Amazon Indian Hq Building on Wikipedia CCA SA 4.0 |
