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Indian Startups Get Major Boost As Amazon India Rolls Out $250 Mn ‘Amazon Smbhav Venture Fund’ To Invest in Technology-Led Startups

startup ipo india

New Delhi, April 15: With a view to encourage the startup ecosystem in India, e-commerce major Amazon on Thursday announced a $250 million fund to help businesses grow and achieve new heights. Amazon India launched the ‘Amazon Smbhav Venture Fund’ which it would invest in startups and entrepreneurs focusing on technology innovations in SMB digitisation, agriculture and healthcare. According to reports, the fund was announced in the opening session of Amazon India’s flagship event Smbhav.

Here’s how the ‘Amazon Smbhav Venture Fund’ would benefit startups in India:

  1. Amazon India said that the venture fund will invest in technology-led startups that are passionate about unlocking possibilities of a digital India.
  2. The fund will specifically focus on encouraging the best ideas to digitise SMBs (small & medium businesses), and drive technology-led innovation in agriculture to improve farmer productivity.
  3. Moreover, Amazon announced plans to digitally empower and bring 1 million offline retailers and neighbourhood stores online, on the Amazon India marketplace, by 2025 through the ‘Local Shops on Amazon’ programme.
  4. The launch of the Amazon Smbhav Venture Fund aims to attract best ideas and empower entrepreneurs in the country to partner in this vision.

Amazon also launched the ‘Spotlight North East’ initiative at the same event to bring 50,000 artisans, weavers and small businesses online from the eight states in the north-eastern region of India by 2025 and to boost exports of key commodities like tea, spices and honey from the region.

Amit Agarwal, Global Senior VP and Country Head, Amazon India said in his address that in the year 2020, the firm pledged to digitise 10 million SMBs, enable $10 billion in exports, and create 1 million jobs by 2025. “Through our initiatives, we are committed to being a catalyst and a partner in unlocking the possibilities for a Digital India, and realise the vision of an Aatmanirbhar Bharat as put forth by the PM”, he said. “Additionally, our initiatives to onboard 1 million offline shops on Amazon.in and digitally empower the northeast region will accelerate the progress towards a digital and self-reliant India,” he added.

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Startup Technology

Humsafar, an App-Based Doorstep Diesel Delivery Service Provider, To Help Startups Become ‘Fuel Enterprises’

Fuel (Photo Credits: Pexels)

New Delhi, September 15: Humsafar, an app-based doorstep diesel delivery service provider has introduced its support services to help aspiring fuel entrepreneurs. This unique opportunity will help the startups to be a part of one of the biggest disruptions in terms of fuel marketing in the Oil industry – Diesel Door Delivery (DDD). According to a report by IANS, Humsafar plans project support from scratch to complete fruition to new start-ups of doorstep diesel delivery. The plan includes setting up a company, fabricating bowsers, (oil dispensing vehicles) and setting up a tech platform for delivery of diesel at doorsteps in various parts of the country.

Sanya Goel, Co-Founder and Director, Humsafar was quoted in the report saying that Humsafar also helps start-ups market the service in the industry by partnering with other dealers and acquiring new customers.The opportunity the Doorstep Diesel industry provides is enormous, offering safe and legal alternatives to fuel procurement.

About Humsafar App:

  1. In less than four months, the Humsafar app, ‘Fuel Humsafar’, has crossed over 10,000 downloads on Google Play Store and has processed 20,000 transactions.
  2. The app has been customised to help clients and vendors manage their orders, drivers, tracking of the bowser, checking fuel capacity, stock management, advanced MIS.
  3. The report informs that Humsafar also offers a dedicated app, just for the Drivers, which allows them to track the user’s location, check orders, review order history, and manage stock, which in turn allows the vendor to view the driver’s performance and delivery status from time-to-time.
  4. Humsafar is currently servicing 24 states across India. The startup has also roped in 50 plus retail partners across 24 states.
  5. Humsafar is also looking to raise its first external investment and plans to launch B2C ordering by the end of 2020.

The mobile bowsers, popularly known as dispensing vehicles, are expected to supplement petrol pumps, changing the landscape of fuel procurement. Goel added saying that it’s great to see that most of their applications have been from the younger generation which speaks volumes of the entrepreneurial spirt among the youth.

The gross revenues of the startup stood at Rs 22 million in the year 2019-20, and by the end of 2021, Humsafar plans on targeting diesel delivery of 500 million litres. This will translate into a revenue of Rs 100 million.

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Startup

Zhenhua Data Leak: Tech Startups And Online Ventures Among 1,400 Indian Companies Being Snooped by Chinese Firm

Spy (Representational Image) )Photo Credits: Needpix)

Mumbai, September 15: There are reports that Shenzen-based Chinese technology company Zhenhua has reportedly been snooping on famous people, including 10,000 prominent personalities and organisations, according to an Indian Express report. It claimed that a database compiled Zhenhua has at least 1,400 Indian companies

Heads of Indian companies like Nykaa, PayU, Flipkart, Zomato, and Swiggy are also being monitored. Binny Bansal, Deepinder Goyal, Nandan Reddy, Falguni Nayar, and PayU business head Nameet Potnis are mentioned in the list.

Chinese online spies are aiming at the venture capitalists, angel investors, founders and chief technology officers of India’s new online ventures including payment apps, technology startups and foreigner investors based in the country.

The list also includes names of payments, education, and delivery apps. Several promising start-ups and e-commerce platforms are also under the watch.

Payment apps like Paytm, Razorpay, PhonePe, Pine Labs, Avenues Payments, and FSS payment gateway, are under the radar. Some of the delivery startups apps that are under the watch are – Bigbasket, Daily Bazaar, Zappfresh, Fresh Meat Market, Zomato, Swiggy, FoodPanda, online meat delivery platforms.