The startups that will receive equity-based funding are Algomage, Castler, FlexifyMe, NimbleBox.ai, and ReCircle
Bengaluru: E-commerce marketplace Flipkart’s venture investing arm, Flipkart Ventures, is investing in five early-stage startups as part of its accelerator program—Flipkart Leap Ahead (FLA), the company said in a press release on Tuesday.
The startups that will receive equity-based funding are Algomage (AI-based image-sharing platform), Castler (escrow service company), FlexifyMe (health tech platform), NimbleBox.ai (machine learning operations platform), and ReCircle (resource recovery enterprise).
Now in the second year of Flipkart Leap Ahead, the program 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.
The selected startups 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.
“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. This program is a testament to Flipkart’s commitment to supporting India’s vibrant startup ecosystem that is playing a pivotal role in the country’s digital journey,” said Lubna Ahmed, head of Flipkart Ventures.
Under FLA, the startups undergo a curated program formulated to prepare them for accelerated scaling and expansion while also helping them leverage Flipkart’s collective expertise and connections.
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 includes over 15 companies such as BeatO, Finbox, Goat Brand Labs, Hyperface, Livwell, Neuropixel and Rightbot.
The Flipkart Group owns and operates Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip. The Bengaluru-based digital commerce entity Flipkart was founded in 2007 and today has a registered customer base of more than 450 million, offering over 150 million products across over 80 categories.