Bengaluru, Sep 25 (SocialNews.XYZ) Flipkart Ventures, the investing arm of the e-commerce major, on Monday said it is investing in five early-stage, tech-focused startups as part of its accelerator programme.
The startups, part of the Flipkart Leap Ahead (FLA) programme, are Algomage, Castler, FlexifyMe, NimbleBox.ai and ReCircle.
They will receive mentorship for growth and innovation, with equity-based investments ranging from $250,000 to $500,000.
Additionally, they will be provided support in achieving product-market fit, laying the grounds for a scalable architecture, and building cohesive teams, the company said in a statement.
In its second year, the programme aims to foster innovation and nurture entrepreneurship by providing entrepreneurs with the tools they need to succeed in their domain, and also positively impact the ecosystems in which they operate.
“We are pleased that many startups from last year’s cohort have been able to secure successful investor funding, cultivate new business relationships and implement pilot projects to support the ecosystem,” said Lubna Ahmed, Head of Flipkart Ventures.
These startups are building capabilities across a wide array of solutions, including generative AI and machine learning-powered solutions, digital escrow banking stack and circular economy.
Flipkart Ventures is an early stage investment arm of Flipkart Group with a $100 million fund to back early-stage startups in India.
Its portfolio now includes more than 15 companies such as BeatO, Finbox, Goat brand labs, Hyperface, Livwell, Neuropixel, Rightbot and others.
Source: IANS
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