Amazon To Invest $120 Million in India, Create Jobs This amount will be invested in startups that digitize consumer goods manufacturing in India and cater to domestic and global demand, creating thousands of jobs
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Amazon has earmarked $120 million from its Smbhav Venture Fund to invest in startups that digitize consumer goods manufacturing in India and cater to domestic and global demand, creating thousands of jobs. Amazon is also increasing its exports commitment four-fold and plans to enable over $80 billion in cumulative exports from India by 2030. This milestone will be driven by a combination of enabling exports through Amazon's Global Selling program for Indian MSMEs, manufacturers and D2C startups as well as sourcing Made-in-India products to be sold on Amazon's global marketplaces. Amazon will continue to enable exports from various sectors, including home & kitchen products, apparel & textiles, toys, health & nutrition supplements, ayurveda products etc. These announcements were made at the fifth edition of its annual 'Smbhav Summit'.
Union minister Nitin Jairam Gadkari, Minister of Road Transport and Highways, Government of India said, "Realizing Government's vision of a Viksit Bharat requires the active contribution of all stakeholders. Amazon's initiatives in manufacturing, AI, and exports are greatly appreciated. We value Amazon's efforts to leverage its logistics expertise across India, empowering businesses from urban centers to rural areas. Such collaborative efforts by the private sector are instrumental in fostering innovation, driving exports, and strengthening logistics infrastructure, propelling India's journey toward becoming a global economic powerhouse."
Amit Agarwal, Senior VP, Emerging Markets at Amazon said, "I am incredibly excited about the opportunities that lie ahead for Amazon in India. As one of the world's fastest-growing economies, India is a key market for Amazon and our focus areas align well with the Government's vision and priorities of digitizing small businesses, boosting exports and creating jobs. We are committed to investing in these key sectors and look forward to contributing to India's economic growth."
Launched in 2021, the fund invests in technology startups aimed at unlocking the potential of a digital India. The fund is now broadening its focus areas to drive investments in manufacturing startups, in addition to its existing priority sectors. This announcement also marks the expansion of Amazon Smbhav Venture Fund to a $350 million fund.
