Amazon India launches startup accelerator programme to boost exports
Amazon India on Tuesday launched Amazon Global Selling Propel (AGSP), its accelerator programme which will help early-stage consumer products startups go global.
For the programme, Amazon has partnered with the Indian government’s Startup India, Invest India initiative, which will engage with emerging brands and provide resources for their growth.
The first batch of the six-month long accelerator programme will have close to 10 startups, who will be offered mentorship sessions from the Indian startup community, Amazon said.
Amazon India will also provide an equity free grant of $50,000 to the top three winners of the programme, and has tied up with venture capital firms Sequoia Capital India and Fireside Ventures, who will make follow-on investment in some of these businesses.
“Over the last couple of years, across the length and breadth of categories we have seen successful sellers emerge for India…From Amazon’s perspective, we thought of creating a programme to accelerate the phenomena in the country,” said Abhijit Kamra, director, global trade at Amazon India.
Kamra said through the programme Amazon India is targeting startups that are between seed and pre-Series A stage, with an export oriented mindset.
“The adoption of technology and digital transformation has paved the way for India to be at the forefront of innovation, giving rise to some of the best startups in the world. There are many promising, emerging brands that have the capability to become big and go globals,” said Deepak Bagla, managing director and chief executive of Invest India.
Amazon will also host virtual mentorship sessions, focused on peer learning, by inviting veteran entrepreneurs and members from its mentorship board for startups.
“…partnership with Startup India to launch this accelerator program will provide emerging brands an opportunity to bring their business propositions to life and help create globally popular brands from India. With Amazon Global Selling, we will continue to make exports simple and accessible to businesses of all sizes and fulfill our commitment of enabling $10 billion in e-commerce exports from India by 2025,” said Amit Agarwal, global senior vice president and country head, Amazon India.
Amazon CEO Jeff Bezos during his visit to India in January last year had pledged that the company will help export goods worth $10 billion from the country by 2025. Amazon India said it hit $2 billion mark in July last year, with close to 70,000 Indian sellers and small businesses part of its global selling initiative.