DPIIT partners with Flipkart to invest $100 mn in Indian startups – CNBC TV18

The Department for Promotion of Industry and Internal Trade (DPIIT) has partnered with Flipkart, signing a memorandum of understanding (MoU) aimed at supporting and nurturing Indian startups. This collaboration will utilise Flipkart’s $100 million venture fund under its Leap and Ventures initiatives, aimed at boosting tech-driven startups with high growth potential.

As of now, Flipkart has invested in 20 startups and continues to identify and mentor promising ventures. Through this alliance, startups will gain access to critical resources, including infrastructure, mentors, market insights, government datasets, and fast-track patent application processing.

Dr Sumeet Kumar Jarangal, Director of Startup India, stated that the collaboration would act as a catalyst for expanding the startup ecosystem by attracting more reputed companies. Joint Secretary Sanjiv emphasised the MoU’s importance in accelerating innovation, describing it as a step towards transforming ideas into impactful solutions and solidifying India’s position as a global leader in innovation.

Rajneesh Kumar, Chief Corporate Affairs Officer of Flipkart, called the partnership a testament to Flipkart’s commitment to innovation. “With our venture fund and combined synergies, we aim to unlock new opportunities for startups, providing them with strategic support, funding, and access to global markets,” he said.

Flipkart has pledged to assist startups through prototype development, international expansion, and connections within the industry. Ravi Iyer, Head of Corporate Development at Flipkart, highlighted the power of combining technology and innovation, saying the initiative will provide startups with the tools to deliver transformative solutions and drive India’s next wave of global innovation.

The MoU represents a significant step in fostering a collaborative environment for startups, further enhancing the government’s flagship Startup India programme.