Amazon unveiled a series of transformative initiatives on Tuesday at the fifth edition of its annual ‘Smbhav Summit.’ Aimed at bolstering India’s position as a global manufacturing hub, Amazon signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT). This partnership is in line with the Indian government’s efforts to drive industrial growth and create a competitive edge for India in the global market.
As part of its new initiatives, Amazon has allocated $120 million from its Smbhav Venture Fund to invest in Indian startups that are digitizing the consumer goods manufacturing sector. This move is designed to address both domestic demand and global markets, with the potential to create thousands of jobs in the process.
One of the highlights of Amazon’s commitment is its plan to expand its export capabilities. The company aims to increase its export commitment fourfold, with a target of enabling over $80 billion in cumulative exports from India by 2030. This goal will be pursued through its Global Selling program, which is tailored to Indian MSMEs, manufacturers, and D2C startups, as well as by sourcing Made-in-India products for Amazon’s global marketplaces.
Amazon’s focus on exports will cover a broad range of sectors, including home & kitchen products, apparel & textiles, toys, health & nutrition supplements, and Ayurvedic products. This initiative is a continuation of the company’s previous commitment to digitize 10 million MSMEs, generate $20 billion in cumulative exports from India, and create 2 million jobs by 2025—all of which Amazon claims to have successfully fulfilled.
In line with these goals, Amazon’s $250 million Smbhav Venture Fund, launched in April 2021, has already backed multiple startups, including the fintech company M1xchange, and others like The Good Glamm Group, Cashify, Fitterfly, Smallcase, and Orange Health. The fund plays a pivotal role in fueling the growth of India’s digital economy by investing in innovative companies across sectors.
With these ambitious targets, Amazon aims not only to strengthen India’s manufacturing ecosystem but also to position Indian startups and MSMEs for success in the global marketplace.
