E-commerce giant Amazon on Thursday announced a $250 million (around ₹1,873 crores) fund that will focus on digitizing small and medium businesses and drive innovation in the areas of agri-tech and health-tech.
“Small and medium-sized businesses are often the engine and the lifeblood of economies and I think it’s true in India as well. And we are very passionate about trying to enable acceleration of SMBs in fueling innovation and the economy in India and so building on what we did last year, I’m excited to announce a brand new $250 million Amazon Smbhav Venture Fund,” Amazon Web Services CEO Andrew Jassy CEO said.
“The fund is going to focus on three key priorities – SME digitization, agri-tech innovations to empower farmer productivity and reach, and health-tech to provide universal and quality health care,” he added.
Amazon also announced a ‘Spotlight North East’ program to get 50,000 artisans, weavers, and small businesses online from the eight states in the North East region of India by 2025 and also boost exports of key commodities like tea, spices, and honey from the region.
Moreover, the cumulative e-commerce exports by over 70,000 MSMEs via Amazon Global Selling stood at over $3 billion that helped churn out close to 1 million direct and indirect jobs in India to date. Amazon has so far announced around $7 billion investment in India where it competes with Walmart-owned Flipkart.