How will Government's MoU with Flipkart spur growth of start-ups and new industries in India?

New Delhi: An important step has been taken by the government to support and provide a platform to new industries and start-ups in India. This decision of the government can prove to be very beneficial for providing a large market to the new startup ecosystem through e-commerce through online process.

The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with e-commerce platform Flipkart. The Ministry of Commerce and Industry has informed that the partnership aims to empower tech startups by providing them with the necessary resources, opportunities and networks to grow and flourish. The ministry said that DPIIT has partnered with Flipkart, India's domestic e-commerce marketplace. It has signed an MoU to support and empower tech startups across India.

Flipkart continues to identify high-potential ventures for further support

The collaboration is said to be an extension of the ongoing efforts under Flipkart's Leap and Ventures initiative. It includes a venture fund of USD 100 million. So far, the company has invested in 20 startups and continues to identify high-potential ventures for further support. The partnership is expected to accelerate innovation and create a favorable environment for budding entrepreneurs.

Startups will get access to a repository of resources

It is believed that under the agreement, startups will get access to a repository of resources including industry reports, research papers, datasets and studies published by government authorities. The ministry has said that the collaboration will provide startups access to industry reports, research papers, datasets and other studies published by government authorities for market research and expedite patent applications filed by startups for timely opportunities.

MoU will also connect startups to the Startup India program

DPIIT has emphasized its commitment to strengthen India's entrepreneurial ecosystem through this partnership. The MoU will also connect startups to the Startup India program, increasing their access and participation in the initiative. 

Commenting on the collaboration, Sanjeev, Joint Secretary, Startup India, highlighted the importance of innovation and entrepreneurship in driving India's progress. He said that “the MoU will create synergy for a thriving environment to enable startups to scale new heights”. 

Rajnish Kumar, Chief Corporate Affairs Officer, Flipkart Group, highlighted the company's dedication to support startups through strategic guidance, resource access and global market connections.

Rajnish Kumar said that “the MoU reflects the company's goal of empowering startups through strategic support, resource access and global market connections”. This partnership is another milestone in India's journey towards becoming a global leader in innovation and entrepreneurship.