The Indian startup ecosystem has always been a hub of innovation and entrepreneurship. Flipkart has lately partnered with the Department for Promotion of Industry and Internal Trade (DPIIT) to support the ecosystem.
The accelerator program of Flipkart was launched in 2022 and is named Flipkart Leap and Ventures, and is equipped with a $100 million venture fund. Flipkart has already supported 20 startups by investing between $200,000 and $500,000 in early-stage companies. Startups like NeuroPixel.AI, Dopplr and FlexiflyMe have benefitted from the support. Flipkart now plans to go a step further by mentoring startups and helping them with prototype development.
The partnership could be a game-changer for young companies. The role of DPIIT is to provide access to the Startup India ecosystem, research insights and fast-track patent applications. All these means that the startups can focus more on innovation and without getting bogged down by bureaucracy. DPIIT Director Sumeet Jarangal said that India’s startup ecosystem represents the spirit of innovation.
However, this is not an isolated effort as DPIIT has been forming alliances to strengthen the startup ecosystem. It has partnered with HCLSoftware, Johnson Controls-Hitachi Air Conditioning India and Moglix. The collaborations signal a clear intent to create a supportive environment for startups and especially in the manufacturing and technology sectors.
Startups need mentorship, access to markets and the right infrastructure to thrive apart from money. The joint efforts of Flipkart and DPIIT aim to address these needs comprehensively.
India’s startups are already making a mark globally equipped with more than 1.67 million jobs created across 55 industries by DPIIT-registered startups.
The partnership is not just about startups, but it is about building a stronger as well as more innovative India.
