One of the standout moments of Amazon Smbhav 2024, a marquee event themed “Naye India ki Nayi Raftaar”, was the signing of a significant Memorandum of Understanding (MoU) between the Department for Promotion of Industry and Internal Trade (DPIIT) and Amazon. This collaboration aims to accelerate India’s journey toward becoming a global manufacturing hub. A pivotal initiative under this partnership is the allocation of USD 120 million from the Amazon Smbhav Venture Fund (ASVF) to invest in startups that focus on digitizing consumer goods manufacturing, fostering global recognition for Made in India products.
The ASVF, initially launched with a corpus of USD 250 million, is set to expand as part of the MoU to nurture startups in the manufacturing sector. The fund will play a crucial role in driving India’s manufacturing ambitions by supporting startups that harness cutting-edge technologies such as Artificial Intelligence (AI) and promoting innovation in critical sectors. By targeting startups with transformative potential, this initiative seeks to propel India’s manufacturing industry toward greater efficiency and global competitiveness.
This collaboration with Amazon India reflects the government’s strong commitment to fostering private sector participation in developing a vibrant startup ecosystem. DPIIT-recognized startups will benefit from Amazon’s extensive logistics network and enhanced visibility, enabling them to test, scale, and commercialize their innovative solutions. This partnership aims to create an enabling environment where startups can thrive and contribute to industrial growth and global competitiveness.
Joint efforts under this initiative align with the vision of Viksit Bharat (Developed India) by empowering innovators to transform ideas into impactful solutions. Additionally, the collaboration seeks to enhance the startup ecosystem’s diversity by encouraging participation from women entrepreneurs through Amazon’s Saheli programme.
Amazon India has also partnered with Startup India, a flagship initiative under DPIIT, to help startups leverage e-commerce opportunities. Through a dedicated page on the Startup India portal, startups will have access to Amazon India’s marketplace, opening avenues to the domestic market. Eligible startups will also benefit from mentorship by Amazon leaders, go-to-market support, and logistics guidance. These efforts aim to combine Amazon’s expertise in e-commerce with Startup India’s focus on fostering innovation and entrepreneurship.
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Further bolstering inclusivity, Amazon’s Saheli programme will provide specialized support to women-led startups. These startups will gain access to Amazon’s comprehensive suite of services, including Amazon Pay, Amazon Incentives, Amazon Business, and AWS, among others. The initiative also seeks to enhance awareness of the Bharat Startup Knowledge Access Registry (BHASKAR), which serves as a centralized platform for collaboration among stakeholders in India’s entrepreneurial ecosystem, including startups, investors, mentors, and government bodies.