January 19, 2021
Propel, a 6-month programme will mentor and provide support to 10 Indian startups, top 3 of which will gain a US$ 50,000 grant.
Amazon Global has committed to enable a US$ 10 billion in e-commerce exports from India by 2025.
Amazon India reached the US$2 billion mark in July 2020, with ~70,000 Indian small businesses as a part of its export initiative.
Initiatives like Startup India, Invest India, Sequoia Capital, and Fireside Ventures will also be part of this programme.
Amazon India recently launched its accelerator programme- Propel, to help fledgling startups grow globally in the consumer products segment, by providing them with mentorship and financial support. The first batch of this 6-month programme will have close to 10 startups. Partnering with the government’s Startup India, Invest India initiative. Amazon India will provide a grant of US$ 50,000 to the top three winners of the programme. Other venture capital firms Sequoia Capital India and Fireside Ventures will also be investing in some of these businesses. To help startups, Amazon will facilitate peer learning and host virtual mentorship sessions by inviting veteran entrepreneurs to help the startup network and learn from the existing ecosystem.
Owing to the COVID-19 pandemic there has been a significant surge in interest from Indian MSMEs to export a plethora of products including toys, home and furnishing products, personal care products, natural healthcare products, and arts and crafts. Amazon’s flagship programme, Amazon Global Selling aims at growing exports from India and there has been a significant rise in the number of exporters from India. The company has committed to enable US$ 10 billion in e-com exports from India by 2025. Amazon will also host open virtual mentorship sessions. These are focused on peer learning by inviting veteran entrepreneurs to network and learn from their existing ecosystem.
The COVID-19 pandemic has provided Indian MSMEs immense opportunities to explore the global markets for export of Indian goods. Technology and digitalisation have given India a push to be at the forefront of innovation, giving rise to some of the best startups in the world, providing many a promising brand to go global. This initiative comes at an opportune moment and is a big stepping-stone for startups to build their businesses and get access to global markets.