NEW DELHI: In a significant step to support India’s startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with e-commerce platform Flipkart.
According to a statement by Ministry of Commerce & Industry, the partnership aims to empower tech startups by providing them with the necessary resources, opportunities, and networks to grow and thrive. It said, “DPIIT has partnered with Flipkart, India’s homegrown e-commerce market and signed an MoU with the former to support and empower tech start-ups across India”.
The collaboration is an extension of Flipkart’s ongoing efforts under its Leap and Ventures initiative, which includes a $100 million venture fund. So far, the company has invested in 20 startups and continues to identify high-potential ventures for further support. This partnership is expected to accelerate innovation and create a conducive environment for budding entrepreneurs.
An MoU was signed between DPIIT and Flipkart India to promote tech-driven innovation and strengthen India’s startup ecosystem by supporting product innovators and entrepreneurs. The agreement was signed by Shri Rajneesh Kumar, Chief Corporate Affairs Officer, and Shri Sumeet K… pic.twitter.com/j3b9GqbfV2
— Startup India (@startupindia) December 10, 2024
As part of the agreement, startups will gain access to a wealth of resources, including industry reports, research papers, datasets, and studies published by government authorities. Additionally, the collaboration will fast-track patent applications for startups, ensuring timely access to opportunities and market entry.
“The collaboration will enable access for startups to industry reports, research papers, datasets and other studies published by government authorities for market research and fast-track patent applications filed by startups for timely opportunities”, said the ministry.
The DPIIT has emphasized its commitment to strengthening India’s entrepreneurial ecosystem through this partnership. The MoU will also connect startups with the Startup India program, enhancing their reach and participation in the initiative.
Commenting on the collaboration, Joint Secretary of Startup India, Sanjiv, highlighted the importance of innovation and entrepreneurship in driving India’s progress. He said “the MoU will create synergy for a thriving environment to enable Startups to scale new heights”.
Rajneesh Kumar, Chief Corporate Affairs Officer at Flipkart Group, highlighted the company’s dedication to supporting startups through strategic guidance, resource access, and global market connections. He said, “MoU reflects company’s goal of empowering startups through strategic support, resource access, and global market connections”.
He stated that the collaboration aims to pioneer technological and business breakthroughs in India, shaping the future for the next generation of entrepreneurs. This partnership marks another milestone in India’s journey toward becoming a global leader in innovation and entrepreneurship. (ANI)