Department for Promotion of Industry and Internal Trade (DPIIT) assigned an MoU with Flipkart, India’s homegrown e-commerce giant, to mentor Indian startups and nurture the startup ecosystem through Flipkart’s USD 100 million venture fund. It is in continuance of DPIIT’s aim to support and empower tech start-ups across India. 

The partnership will be directing its efforts towards furthering support to the startups, building on the existing efforts under the Flipkart Leap and Ventures initiative with its USD 100 Million fund. The direction will be promoting the growth of innovators and entrepreneurs across the length and breadth of India. 

Benefits to the startups 

From the government's end benefits begin from access to industry reports, research papers, datasets, and other studies published by government authorities for market research to fast-tracking of patent applications. This is coupled with accessibility to Startup India’s program and network for greater program adoption, reach, and participation. 

Mr Sanjiv, Joint Director- Startup India 

He said that it represents the spirit of innovation and entrepreneurship that drives our nation’s progress. He said that the MoU will create synergy for a thriving environment to enable Startups to scale new heights. He added that this collaboration will accelerate the transformation of ideas into impactful solutions, strengthening India’s position as a global innovation leader.

Rajneesh Kumar, Chief Corporate Affairs Officer-Flipkart Group

He said that MoU reflects the company’s goal of empowering startups through strategic support, resource access, and global market connections. With the continued association and combined synergies. He said that Flipkart will provide resources, guidance, and support for different milestones, such as prototype development, and offer connections and insights for international expansion.

Indian startup scenario 

The startup scenario in India is nothing less than booming and floating highs, these days. It ranks third largest in the world. It is home to around 67 unicorns within the boundaries and 109 unicorns outside the borders. I have pinned an article below, read it to know more about its performance in job generation. 

Read more: Indian startups create over 16.6 lakh direct jobs by Oct 2024, with IT Services leading the way. 

The Government of India, apart from this collaboration, has taken plenty of other initiatives to boost the startup ecosystem and make India home to an engaging and diversified economy. Atal Innovation Mission (AIM) is one of them. 

Read more about AIM at: What is the Atal Innovation Mission 2.0 (AIM 2.0)? Read more to know about the 8 Programs launched under AIM 2.0