Amazon has introduced a $250 million fund that will focus on digitising small and medium businesses, and drive innovation in the areas of agri-tech and health-tech.
Andrew Jassy, CEO, Amazon Web Services, said, “Small and medium-sized businesses are often the engine and the lifeblood of economies and I think it's true in India as well. And we are very passionate about trying to enable the acceleration of SMBs in fueling innovation and the economy in India and so building on what we did last year, I'm excited to announce a brand new $250 million Amazon Smbhav Venture Fund.”
Under this new fund, the e-commerce giant intends to help inspire more SMBs to be able to build brand new businesses.
Amit Agarwal, Global SVP and Country Head India, Amazon India, said, “The fund is targeted at empowering the best ideas, and attracting visionary entrepreneurs.”
“The fund is going to focus on three key priorities, including SME digitisation, agri-tech innovations to empower farmer productivity and reach, and health-tech to provide universal and quality health care,” he added.