Flipkart assigns $60-100 Million fund specific for startup
Flipkart to set up a $60 to $100 million fund to make strategic investments in startups.
The fund will be lead by Emily McNeal CFO of Flipkart group.
Flipkart has till now acquired 12 firms.
The 21st era is a heroic era of innovation. Day by day various startups with innovative approaches are emerging in the market and raising fund is an important process for their expansion and future growth. Therefore Multi-Billion corporate in India have assigned a fund particularly concerned to invest in startups. In the same move, Flipkart is also setting up a $60 to $100 million fund to make strategic investments in startups. It is the first time when e-commerce firm in India has crafted a dedicated fund for investments in startups. It is planning majorly to invest in areas including SaaS, Fintech and supply chain and acquire 20-30% stake in early-stage startups. The fund will be lead by CFO of Flipkart group Emily McNeal.
According to McNeal to ET, “Flipkart’s innovations have assisted building much of the platform on which the Indian e-commerce industry has thrived over the past decade. We are viewing startups today trying to solve unique challenges that could patronize bring millions more into the digital fold assisting contribute to ‘Digital India’ programme. With this initiative, we are excited to assist such innovative early-stage startups that are concerned on next-generation technology in and around our ecosystem. The capital from the fund will come from Flipkart.”
Flipkart is building an investment committee to find out opportunities for early investment bets. Till now Flipkart has acquired 12 firms and it used to invest in and acquire startups through its Mergers and Acquisitions (M&A) team. Flipkart recently previous year acquired Upstream Commerce. Company is planning to heavily invest in personal loan and lending space with the new assigned fund to give tough competition to its rival Amazon.
Amazon has invested $60 Million in bank Bazaar and also invested in insurance tech firm Acko General Insurance. Previous year it has launched EMI through Amazon Pay to offer credit up to Rs 60,000 to customers. It has also acquired Tapzo in a stress deal.
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