Amazon on Tuesday announced a series of initiatives at the fifth edition of its annual ‘Smbhav Summit.’ As part of the summit, Amazon signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT) to support the government’s key priority of establishing India as a global manufacturing hub.
Amazon has allocated $120 million from its Smbhav Venture Fund to invest in startups that digitize consumer goods manufacturing in India, addressing both domestic and global demand while creating thousands of jobs. Additionally, Amazon is increasing its export commitment fourfold, with plans to enable over $80 billion in cumulative exports from India by 2030.
According to Amazon, this ambitious target will be driven by a combination of enabling exports through its Global Selling program—designed for Indian MSMEs, manufacturers, and D2C startups—and sourcing Made-in-India products for sale on Amazon’s global marketplaces. The company will continue to drive exports across diverse sectors, including home & kitchen products, apparel & textiles, toys, health & nutrition supplements, and ayurveda products.
Amazon previously pledged to digitize 10 million MSMEs, generate $20 billion in cumulative exports from India, and create 2 million jobs by 2025. The company claims to have fulfilled these promises and has now set a new goal of enabling $80 billion in cumulative exports by 2030.
In April 2021, Amazon announced $250 million worth Amazon Smbhav Venture Fund for Indian startups and made its first investment in Gurugram-based MSME-focused fintech startup M1xchange. The fund has also backed The Good Glamm Group, Cashify, Fitterfly, Smallcase and Orange Health.
Source: Entrackr : Latest Posts
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