Latest News | Amazon Continues Its Resolve to Support Startups; Declares Winners of Accelerator Programme

New Delhi, Aug 12 (PTI) Amazon India on Thursday said it continues to work towards building a robust Indian startup ecosystem and help Indian entrepreneurs build new businesses that would take India to the world.

Earlier this year, Amazon partnered with Startup India, Sequoia Capital India and Fireside Ventures to launch an accelerator programme to help early-stage startups in the country.

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On Thursday, Slurrp Farm, Sirona Hygiene and Wellbeing Nutrition were named as the top three winners of the Amazon Global Selling Propel Startup Accelerator and they will get a cumulative equity free grant of USD 50,000 from Amazon.

"As India moves in the direction of economic self-reliance, it's the millions of startups and MSMEs across the country who will play a big role in India's economic growth. They will be instrumental in boosting exports from India and taking 'Made in India' global," Amit Agarwal, Global Senior VP and Country Head, Amazon India said during a virtual event.

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He added that India is the third largest startup ecosystem in the world and that entrepreneurs and small and medium businesses (SMBs) from India are innovating and manufacturing not just for customers in India, but for the world.

"We believe there is immense opportunity for Indian startups and businesses to expand globally considering their ideas, knowledge capital and manufacturing capabilities and that's what inspired us to start the Accelerator programme...What we need is to prepare our uniquely large startup ecosystem by enabling universal internet access and digital literacy to drive transformation at scale," he said.

The impetus has to be on technology adoption and creating a conducive environment for them to grow, he added.

He cited a recent Nasscom report that forecasts the Indian e-commerce market to grow to USD 200 billion by 2026 and e-commerce exports to touch USD 125 billion by 2030.

"We are super energised by this real entrepreneurial India...we have been able to see a lot of innovation and passion to build global businesses. And we truly appreciate their passion and perseverance towards furthering the ethos of 'Made in India, for the world," he said.

The Accelerator had received over 500 entries from startups and emerging businesses across the country. The top 10 finalists presented their business proposition to a jury including members from Fireside Ventures, Sequoia India, Amazon Smbhav Venture Fund and Invest India.

The panel evaluated the entries on a variety of parameters including business idea, scalability and strength of the business plan/model, business metrics in launched markets and founding team credentials and others.

"The Indian startup ecosystem has transformed India into a hub of innovation and entrepreneurship. Digitization has propelled the democratisation of access and opportunity for Indian businesses. Through this accelerator programme, we will tap the vast potential of emerging businesses and MSMEs to make an indelible mark in global markets," Deepak Bagla, MD and CEO of Invest India, said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)