Flipkart, DPIIT sign MoU to accelerate growth of startup ecosystem-OxBig News Network

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Flipkart, India’s homegrown e-commerce platform, has signed an MoU with the Department for Promotion of Industry and Internal Trade (DPIIT) to support and empower tech start-ups in India.

Aimed at encouraging the growth of innovators and entrepreneurs, the partnership would build on existing efforts under the Flipkart Leap and Ventures initiative with its $100 million fund, said Flipkart in a statement on Monday (December 9, 2024).

Till date, the e-tailer invested in 20 companies in the country and continued to identify startups with high growth potential, it said.

Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group, said, “This MoU reflects our shared goal of empowering startups through strategic support, resource access, and global market connections.’‘

According to the communique, this collaboration will enable access for startups to industry reports, research papers, datasets and other studies published by government authorities for market research and fast-track patent applications filed by startups for timely opportunities.

‘’We are happy to partner with Flipkart to bolster our focus on creating a thriving environment for startups to scale new heights,’‘ commented Sumeet Jarangal, Director DPIIT.

Under the Flipkart Ventures initiative, startups would be offered resources, guidance, and support for different milestones, such as prototype development, infrastructural support, network access and insights for international expansions.

‘’With the continued association and combined synergies, Flipkart was looking at unlocking opportunities for entrepreneurs with its $100 million venture fund to pioneer breakthroughs that shape the future of technology and business in India and beyond, added Mr. Kumar.