E-commerce major Flipkart has set up an internal fund to invest across early stage startups. This is to promote innovation in areas related to the e-commerce ecosystem, as per a press statement.
The fund’s investments is likely to target companies working in areas related to e-commerce, fintech, payments and complementary spaces.
The estimated fund is supposed to $60-100 million in size. This will be invested from Flipkart’s balance sheet, according to sources. The e-tailer will assign an investment committee and arrange for its M&A team which will scout for these opportunities and prepare cheques for $2-3 million, as per a report by ET.
“The aim is to seed innovation that is good for India and which promotes digital inclusion in a variety of spaces, by enabling startups to focus on bringing their ideas to life and scaling them,” said Emily McNeal, Group CEO, Flipkart.