Flipkart launches early-stage startup accelerator Flipkart Leap; to support tech, consumer internet ideas

Walmart-led group to pump over Rs 9,000cr in Flipkart to give it extra firepower to compete with Amazon and JioMartThe support will be offered by Flipkart’s own leadership team in business, operations, product, and technology verticals to help startups build market-ready solutions. Image: Reuters

Nearly a year-and-a-half after Walmart-owned Flipkart launched its venture fund to back early-stage startups, the e-commerce company has now forayed into accelerating startups. Flipkart has launched its startup accelerator Flipkart Leap for startups in technology and consumer internet segments. Inviting applications beginning Monday, the 16-week virtual programme will support both businesses-to-business and business-to-consumer startups. The support will be offered by Flipkart’s own leadership team in business, operations, product, and technology verticals to help startups build market-ready solutions.

With the launch of the startup accelerator Flipkart Leap, Flipkart has further joined the league top corporates in India such as Reliance, Google, Microsoft, Cisco, Amity, Intel, Oracle, Target, Yes Bank, etc. offering incubation and accelerator support to startups. Flipkart would pick startups based on five ‘themes’ including Design & Make for India, innovation in digital commerce, technologies to empower the retail ecosystem, supply chain management & logistics and enabling relevant deep tech applications. “These themes have been identified to tap into the most innovative solutions in the Technology and Consumer Internet space, uniquely built for Indian consumers,” Flipkart said in a statement.

“With innovations and disruptions in the field of technology coming about each day, we want to be at the forefront of driving scalability and helping these startups bring value to the industry as well as Indian consumers,” said Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group.

Also read: Now small businesses can accept payments on the go with Paytm’s new device; company to invest Rs 100 cr

The accelerator programme will be managed by Naren Ravula who leads Flipkart’s product strategy & deployment team looking after managing innovation at Flipkart and Myntra and the broader ecosystem. Curated in tie-up with consulting firm Zinnov, Leap will also allow startups to win an equity-free grant of $25,000. Startups applying for the programme should have a working prototype of their solution with metrics around its early adoption. Post programme, startups will pitch their business to investors, corporates, others on the demo-day while Flipkart may also look at investing in them.

“As a company that has undergone that phase and built its own success playbook, we wanted to utilize our network to build a program that helps startups in these early stages to evolve and become successful brands in the future,” said Jey Venugopal, Chief Product and Technology Officer, Flipkart.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Cipla shares hit new 52-week high, surge 128% since March; Morgan Stanley sees this much upside in stock

Mon Aug 10 , 2020
  Cipla shares have zoomed over 128 per cent from March lows of Rs 356.75 apiece Cipla share price soared nearly 12 per cent to touch a new 52-week high of Rs 808 apiece after the pharmaceutical company posted a 26.6 per cent on-year jump in net profit at Rs […]