E-commerce major Amazon on Thursday announced the launch of a $250 million ‘Amazon Smbhav Venture Fund’ to invest in startups and entrepreneurs focusing on technology innovations in SMB (Small and Medium Businesses) digitisation, agriculture and healthcare.

Amazon India made the announcement during its flagship event, ‘Smbhav’. The fund will invest in technology-led startups that are passionate about unlocking the possibilities of a digital India.

The fund will specifically focus on encouraging the best ideas to digitise SMBs and drive technology-led innovation in agriculture to improve farmer productivity.

Additionally, Amazon announced plans to digitally empower and bring 1 million offline retailers and neighbourhood stores online, on the Amazon India marketplace, by 2025 through the ‘Local Shops on Amazon’ programme.

“The small and medium sized businesses are the engine and the lifeblood of economies and it’s true in India as well. We are very passionate about trying to enable acceleration of small and medium sized businesses in fueling innovation and the economy in India,” said Amazon Web Services (AWS) chief Andy Jassy, who is also the incoming CEO of Amazon.

At the same event, Amazon also launched the ‘Spotlight North East’ initiative to bring 50,000 artisans, weavers and small businesses online from the eight states in the north-eastern region of India by 2025 and to boost exports of key commodities like tea, spices and honey from the region.

These events were announced during a fireside chat at Amazon Smbhav between Andy Jassy and Amit Agarwal, Global Senior VP & Country Head of Amazon India.

In his address at Smbhav 2021, Amit Agarwal, Global Senior VP and Country Head, Amazon India said: “In 2020, we pledged to digitise 10 million SMBs, enable $10 billion in exports, and create 1 million jobs by 2025. Through our initiatives, we are committed to be a catalyst and a partner in unlocking the possibilities for a Digital India, and realise the vision of an Aatmanirbhar Bharat as put forth by the PM.”

“The launch of Amazon Smbhav Venture Fund aims to attract best ideas and empower entrepreneurs in the country to partner in this vision. Additionally, our initiatives to on-board 1 million offline shops on Amazon.in and digitally empower the northeast region will accelerate the progress towards a digital and self-reliant India,” he said.