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Department for Promotion of Industries and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with Amazon Smbhav to further the government's efforts in establishing India as a global manufacturing hub and creating thousands of jobs. It would accelerate India in the race to achieve self-sufficiency in its various facets of the economy.
Amazon, through its Smbhav Venture Fund, would invest $120 million in startups that digitize consumer goods manufacturing in India and cater to both domestic and global demand. This particular initiative has expanded the venture fund to a staggering $350 million.
The theme of Amazon Sambhav 2024
The theme of Amazon’s Sambahav 2024 is “Naye India ki Nayi Raftaar”. It captures the aspiring spirit and endeavors of the Indian economy very well, coupled with the government’s vision of Viksit Bharat. It embodies the vision of a digitally transformed nation, showcasing the dynamic spirit of the country’s ongoing digital revolution.
Dr Jitendra Singh
The Union Minister of State (Independent Charge) for Science and Technology while speaking at the Smbhav 2024 summit acknowledged the theme of the event, “Naye India Ki NayiRaftaar” (New India’s New Momentum), and remarked on its appropriateness. Drawing from his background in science, Dr. Jitendra Singh stated, “As someone belonging to the fraternity of science, we have been taught not to speak without evidence. I think there is enough evidence to justify this theme.” He emphasized how India’s progress in innovation and entrepreneurship exemplifies the rapid momentum envisioned by the theme.
Amit Agarwal, Senior VP, Emerging Markets at Amazon.
"We are committed to investing in these key sectors and look forward to contributing to India's economic growth and the Hon’ble Prime Minister’s vision of a Viksit Bharat,” says Mr Amit Agarwal.
Amazon Smbahv’s Portfolio
Since its launch, ASVF has invested in several rapidly growing startups, including The Good Glamm Group, FreshToHome, Hopscotch, Fitterfly, Cashify, Acko Insurance, smallcase, and M1xchange. These companies are harnessing technology as a key driver of growth and making a significant impact across various sectors.
The SMBhav summit is part of Amazon's initiative to celebrate, support, and empower small businesses in India, to accelerate their growth both domestically and globally.
Curious to know more about the startup startup ecosystem in India? Read the article pinned below.
Indian Startup Ecosystem: Indian startups create over 16.6 lakh direct jobs by Oct 2024, with IT Services leading the way
