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Informist, Monday, Dec. 9, 2024

 

NEW DELHI – The Department for Promotion of Industry and Internal Trade has signed a Memorandum of Understanding with e-commerce company Flipkart to invest in and mentor technology start-ups across India, the commerce ministry said in a release Monday. The partnership is aimed at boosting the growth of the startup ecosystem through Flipkart's $100 million venture fund, the release said. 

 

"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 $100 million fund," the release said. Flipkart has so far invested in 20 companies. 

 

"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," Flipkart Group's Chief Corporate Affairs Officer Rajneesh Kumar was quoted as saying in the release.  Kumar said that Flipkart will provide resources, guidance, and support for different milestones, such as prototype development and offer connections and insights for international expansion.  End

 

US$1 = INR 84.73

 

Reported by Shubham Rana

Edited by Akul Nishant Akhoury

 

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