Amazon India has announced a $250 million ‘Smbhav Venture Fund’ to invest in startups and entrepreneurs, focusing on technology innovations in the domain of small and medium enterprises (SMEs). The announcement was made as a part of Amazon India’s four-day-long flagship event Amazon Smbhav Summit, for small and medium enterprises.

Amit Agarwal, Global Senior Vice President & Country Head, Amazon India stated that the fund will focus on digitization of small businesses in the country, agri-tech innovations to empower farmer productivity, and health tech to offer universal and quality healthcare for Indian citizens.

The e-tailing major also announced its plan to onboard one million offline retailers and neighborhood stores by 2025 through its Local Shops on Amazon program. The program was launched by Amazon India to assist, bring offline retailers and neighborhood stores online, and supplement footfalls at their stores with a digital presence on Amazon.in.

Additionally, Amazon India has launched the ‘Spotlight North East’ initiative which will provide technology tools and customers to local women and tribal communities in India’s northeast region.

“Small and medium-sized businesses are often the engine and the lifeblood of economies, and I think it's true in India as well. We are very passionate about trying to enable the acceleration of small medium-sized businesses in fueling innovation and the economy in India. Through the Smbhav Venture Fund, we are going to assist inspire more SMEs, to be able to build brand new businesses," said, Andrew Jassy, who is expected to take over the position of chief executive officer, at Amazon Inc. this year.

“We are committed to be a catalyst and a partner in unlocking the possibilities for a Digital India and realize the vision of an Aatmanirbhar Bharat as put forth by the Honorable Prime Minister. The launch of the Amazon Smbhav Venture Fund aims to attract the best ideas and empower entrepreneurs in the country to partner in this vision. Additionally, our initiatives to onboard 1 million offline shops on Amazon.in and digitally empower the north-east region will accelerate the progress towards a digital and self-reliant India," stated Agarwal.