Amazon on Tuesday launched Amazon Global Selling Propel (AGSP) to support Indian startups. For this, Amazon has partnered with the Centre's Startup India initiative. Through the initiative, they will help early-stage startups working in consumer products space enter international markets via its Amazon's Global Selling programme.
Amazon has formed a mentorship board that comprises Amazon officials from India and across the world, VCs and senior leaders from Startup India and Invest India who will engage with emerging brands. Invest India is a non-profit venture under the commerce ministry's department for the promotion of industry and internal trade.
Amazon will also host open virtual mentorship sessions on peer learning by inviting veteran entrepreneurs and mentors for startups to network and learn from their existing ecosystem.
The accelerator programme will provide startups with an opportunity to showcase their business proposition to partner VC firms - Sequoia Capital India and Fireside Ventures - and also a chance to win a total equity-free grant of $50,000 from Amazon.
"There are many promising, emerging brands that can become big and go global. This is a timely initiative by Amazon which can prove to be a big stepping stone for startups to build their business and get access to global markets," said Deepak Bagla, MD & CEO, Invest India.
Amit Agarwal, Global Senior Vice President and Country Head Amazon India said its Amazon Global Selling has witnessed tremendous momentum with increasing interest from exporters across India. "Our partnership with Startup India to launch this accelerator programme will provide emerging brands an opportunity to bring their business propositions to life and help create globally popular brands from India," he said.
The entries for the startup accelerator open today until February 7, 2021, and the interested startups can do so via Amazon website. The programme will feature a six week 1:1 mentorship module for the shortlisted participants.
Launched in 2015, Amazon Global Selling currently enables more than 70,000 Indian exporters to sell millions of 'Made in India' products to customers worldwide. Startup India is a Centre's flagship initiative to catalyse startup culture and build a strong ecosystem for innovation and entrepreneurship in India.