DPIIT inks MoU with Flipkart to invest in and mentor Indian startups
DPIIT inks MoU with Flipkart to invest in and mentor Indian startups
In a significant move, the Department for Promotion of Industry and Internal Trade (DPIIT) has partnered with Flipkart, India’s homegrown e-commerce market and signed an MoU with the former to support and empower tech start-ups across India.
Aimed at encouraging the growth of innovators and entrepreneurs, the partnership further catapults on existing efforts under the Flipkart Leap and Ventures initiative with its USD 100 mn fund. Till date the company has invested in 20 companies and continues to identify startups with high growth potential.
The collaboration will enable access for startups to industry reports, research papers, datasets and other studies published by government authorities for market research and fast-track patent applications filed by startups for timely opportunities.
MoU reiterates DPIIT’s firm commitment to provide fulsome to their partners to enable accessibility and connections to Startup India’s program and network for greater program adoption, reach and participation.
Sharing his vision about country’s ambitions program of Startup India, Joint Secretary Startup India Mr. Sanjiv said 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, said that MoU reflects company’s goal of empowering startups through strategic support, resource access, and global market connections. With the continued association and combined synergies, Flipkart aims to unlock opportunities for entrepreneurs with 100 million USD venture fund to pioneer breakthroughs that shape the future of technology and business in India and beyond. 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.