Amazon has cumulatively digitized over 62 lakh MSMEs, enabled nearly $8 billion in exports and created over 13 lakh direct and indirect jobs
Amazon Smbhav Venture fund is focused on enabling Indian entrepreneurs invent, build and make in India; the fund has invested across multiple startups in the last 24 months
City Air News
Aug 10, 2023 06:56
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Chandigarh, August 10, 2023: Amazon India today shared updates on the pledges it had announced as part of its commitment to India. Amazon shared that it has cumulatively digitized over 62 lakh (6.2 million) micro small and medium enterprises (MSMEs), enabled nearly $8 billion in cumulative e-commerce exports and created more than 13 lakh (1.3 million) direct and indirect jobs in India till date. Amazon had pledged to digitize 1 crore (10 million) MSMEs, enable $20 billion in cumulative e-commerce exports and create 20 lakh (2 million) jobs in India by 2025. Amazon is well on track to fulfil these pledges.
About two years ago, Amazon had announced the $250 MM Amazon Smbhav Venture Fund to invest in technology led startups passionate about unlocking possibilities of a digital India. The Venture Fund is focused on enabling entrepreneurs to invent, build and make in India. Over the last 24 months, the Venture Fund has made several investments including ‘FreshtoHome’, ‘XYXX’, ‘Hopscotch’, ‘Fitterfly’, ‘Cashify’, ‘MyGlamm’, ‘M1xchange’ and ‘smallcase’.
Manish Tiwary, Country Manager India Consumer Business, Amazon India said: “As we continue to work with lakhs of micro-entrepreneurs, small businesses and startups across the country, we remain committed to bringing new tools, technology and innovation that will unleash the entrepreneurial spirit of Indian businesses, boost exports from the country and help create jobs at scale. We strongly believe that technology and mobile internet will continue to positively impact India’s economic growth, and we see Amazon playing a larger role in the country’s digital transformation and a modern, thriving digital economy.”
