As part of the Startup Accelerator, Amazon has constituted a mentorship board consisting of Amazon leaders from India and across the world, VCs and senior leaders from Startup India.(Reuters )
As part of the Startup Accelerator, Amazon has constituted a mentorship board consisting of Amazon leaders from India and across the world, VCs and senior leaders from Startup India.(Reuters )

Amazon partners with Startup India, others to boost e-com exports from India

The Amazon Global Selling Propel (AGSP) programme has been designed to support early stage startups in the consumer products space to launch in international markets and create global brands from India.
PTI, New Delhi
UPDATED ON JAN 19, 2021 04:20 PM IST

Amazon on Tuesday said it has partnered with Startup India, Sequoia Capital India and Fireside Ventures to launch an accelerator programme to help early-stage startups take their brands to global audiences.

The Amazon Global Selling Propel (AGSP) programme has been designed to support early stage startups (raised funding in post seed to pre-series A stage, if funded) in the consumer products space to launch in international markets and create global brands from India through Amazon's Global Selling programme.

As part of the Startup Accelerator, Amazon has constituted a mentorship board consisting of Amazon leaders from India and across the world, VCs and senior leaders from Startup India.

The application process will be open for about three weeks, following which 10 startups would be chosen for the accelerator.

The programme will feature a six-week 1:1 mentorship module for the shortlisted participants where they will get to interact with Amazon leaders from India and worldwide and get firsthand knowledge on building and scaling up exports business through e-commerce, Abhijit Kamra, Director - Global Trade at Amazon India, said.

Amazon will provide the support for these startups to launch their products worldwide through its exports programme – Amazon Global Selling, he added.

These startups will then get an opportunity to showcase their business proposition to partner VC firms – Sequoia Capital India and Fireside Ventures and three of them will get a chance to win a total equity free grant of USD 50,000 from Amazon.

Amazon will also host open virtual mentorship sessions focused on peer learning by inviting veteran entrepreneurs and members from its mentorship board for startups, to network and learn from their existing ecosystem.

"The adoption of technology and digital transformation has paved the way for India to be at the forefront of innovation, giving rise to some of the best startups in the world. There are many promising, emerging brands that have the capability to become big and go global.

"This is a timely initiative by Amazon which can prove to be a big stepping stone for startups to build their business and get access to global markets, Deepak Bagla, MD and CEO of Invest India, said.

Amit Agarwal, Global Senior Vice President and Country Head Amazon India, said Amazon Global Selling is witnessing tremendous momentum with increasing interest from exporters across India.

"With Amazon Global Selling we will continue to make exports simple and accessible to businesses of all sizes and fulfill our commitment of enabling USD 10 billion in e-commerce exports from India by 2025," he added.

Launched in 2015 with about 100 exporters, Amazon Global Selling today enables more than 70,000 Indian exporters to sell 'Made in India' products through its 15 international websites and reach customers in countries such as the US, the UK, UAE, Canada, Mexico, Germany, Italy, France, Spain, Netherlands, Turkey, Brazil, Japan, Australia and Singapore.

It took the programme three years to hit cumulative exports of USD 1 billion and grew 100 per cent to hit the next USD 1 billion in the next 18 months to cross the USD 2 billion milestone in cumulative exports from India.

The programme is rapidly boosting exports from India and helping build global Indian brands. In 2019, more than 800 Indian MSMEs on the programme surpassed USD 131,375 ( 1 crore) in e-commerce exports sales.

SHARE THIS ARTICLE ON
Close
Higher international prices of food commodities are spurring India’s food exports, but they will make India’s food imports costlier.(Bloomberg file photo. Representative image)
Higher international prices of food commodities are spurring India’s food exports, but they will make India’s food imports costlier.(Bloomberg file photo. Representative image)

Record global food prices benefit Indian farmers, but stoke inflation fears

By Zia Haq, New Delhi
PUBLISHED ON MAR 02, 2021 04:09 AM IST
Food and Agriculture Organisation's (FAO’s) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 113.3 points in January 2021, 4.7 points ( or 4.3%) higher than in December 2020, according to the UN agency.
Close
All three telecom operators — Reliance Jio Infocomm Ltd, Bharti Airtel Ltd and Vodafone Idea Ltd — which submitted earnest money deposits took part in the auction.(Bloomberg. Representative image)
All three telecom operators — Reliance Jio Infocomm Ltd, Bharti Airtel Ltd and Vodafone Idea Ltd — which submitted earnest money deposits took part in the auction.(Bloomberg. Representative image)

Telcos place bids worth 77,000 crores for 4G spectrum

By Ishita Guha, Livemint, New Delhi
PUBLISHED ON MAR 02, 2021 12:36 AM IST
The department of telecommunications (DoT) aims to raise at least 3.92 trillion in the auction of 2,308.8 MHz of spectrum. The auction will continue on Tuesday, the minister told reporters.
Close
Okonjo-Iweala, 66, is both the first woman and the first African to serve as the WTO's director-general.(via Reuters)
Okonjo-Iweala, 66, is both the first woman and the first African to serve as the WTO's director-general.(via Reuters)

New WTO chief pushes for vaccine access, fisheries deal

Posted by Harshit Sabarwal | AP
PUBLISHED ON MAR 01, 2021 11:41 PM IST
Director-General Ngozi Okonjo-Iweala, a Nigerian economist and former government minister, donned a mask and doled out welcoming elbow bumps as she took up her job at WTO headquarters on the banks of Lake Geneva.
Close
The ISM said its index of national factory activity rebounded to a reading of 60.8 last month from 58.7 in January. That was the highest level since February 2018.(via AP. Representative image)
The ISM said its index of national factory activity rebounded to a reading of 60.8 last month from 58.7 in January. That was the highest level since February 2018.(via AP. Representative image)

US manufacturing activity hits three-year high; cost pressures accelerating

Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 01, 2021 11:28 PM IST
The acceleration reported by the Institute for Supply Management (ISM) on Monday was despite a global semiconductor chip shortage, which has hurt production at automobile plants.
Close
Eighteen rounds of borrowings have been completed so far starting from October 23, 2020.(PTI)
Eighteen rounds of borrowings have been completed so far starting from October 23, 2020.(PTI)

Centre releases 1.04 lakh crore GST compensation shortfall to states

PTI, New Delhi
PUBLISHED ON MAR 01, 2021 08:37 PM IST
The ministry on Monday released the 18th weekly instalment of 4,000 crore to 23 states and 3 Union territories with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry).
Close
The minister said not only this, the electronic toll collection is set to boost royalty by 10,000 crore per annum.
The minister said not only this, the electronic toll collection is set to boost royalty by 10,000 crore per annum.

Mandatory FASTag to help save 20k crore per annum on fuel: Nitin Gadkari

PTI, New Delhi
PUBLISHED ON MAR 01, 2021 07:26 PM IST
To improve green plantation cover beside highways, e-tagging of plants will be done, Gadkari added.
Close
Officials said that by sponsoring advertisement boards in front of mobile shops, companies have violated advertisement rules.(Shankar narayan/ HT Photo)
Officials said that by sponsoring advertisement boards in front of mobile shops, companies have violated advertisement rules.(Shankar narayan/ HT Photo)

Mobile retailers write to PM Modi for Amazon probe

Reuters, New Delhi
PUBLISHED ON MAR 01, 2021 06:46 PM IST
AIMRA urged the government to "suspend all Amazon activities in India" until there is an investigation into the company's practices.
Close
The collection is, however, lower than the record <span class='webrupee'>₹</span>1,19,875 crore collected in the previous month.
The collection is, however, lower than the record 1,19,875 crore collected in the previous month.

GST collections rise 7 pc to 1.13 lakh crore in February

PTI, New Delhi
PUBLISHED ON MAR 01, 2021 06:11 PM IST
The gross GST revenue collected in February 2021 is 1,13,143 crore, of which CGST is 21,092 crore, SGST is 27,273 crore, IGST is 55,253 crore (including 24,382 crore collected on import of goods) and Cess is 9,525 crore (including 660 crore collected on import of goods).
Close
Representational image. (Bloomberg)
Representational image. (Bloomberg)

A taper tantrum around 2024 polls could be Modi govt’s biggest economic trial

By Roshan Kishore, Hindustan Times, New Delhi
UPDATED ON MAR 01, 2021 06:17 PM IST
While most of the economic analysis around the pandemic’s impact on the Indian economy has focused on domestic factors, there is merit in looking at the impact of a near-certain economic disruption to the Indian economy in the next few years
Close
As per the government, the objective of this auction is to obtain a market determined price of all the spectrum blocks.(Mint)
As per the government, the objective of this auction is to obtain a market determined price of all the spectrum blocks.(Mint)

Spectrum auction begins, 5G not included: All you need to know about bidding

By hindustantimes.com | Written by Deepali Sharma, Hindustan Times, New Delhi
UPDATED ON MAR 01, 2021 04:14 PM IST
Here is what all you need to know about the much-awaited auction.
Close
Representational image. (Getty Images/iStockphoto)
Representational image. (Getty Images/iStockphoto)

Abolition of GST annual audit requirement could save up to 30K crore annually

By Rajeev Jayaswal
PUBLISHED ON MAR 01, 2021 04:03 PM IST
The Budget proposes removing the mandatory requirement of getting the accounts audited and reconciliation statement submitted by specified professionals, such as chartered accountants
Close
Petrol and diesel prices vary from state to state, due to various taxes levied by the central government and the state government concerned.(HT Photo)
Petrol and diesel prices vary from state to state, due to various taxes levied by the central government and the state government concerned.(HT Photo)

Gasoline sales record slowest growth in six months, diesel sales falls 5.3%

Reuters
PUBLISHED ON MAR 01, 2021 04:02 PM IST
Gasoline and gasoil prices in India have risen to record highs, mirroring global markets. Taxes account for about 61% of retail gasoline prices and about 56% of diesel prices.
Close
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.22 per cent to 91.07.(REUTERS)
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.22 per cent to 91.07.(REUTERS)

Rupee slips 8 paise to settle at 73.55 against US dollar

PTI, Mumbai
PUBLISHED ON MAR 01, 2021 03:56 PM IST
At the interbank forex market, the local unit opened at 73.76 against the greenback and witnessed an intra-day high of 73.19 and a low of 73.76.
Close
While traversing its journey from 549 to 50,000, the Sensex, up 91 times, has delivered 13.6% CAGR (compounded annual growth rate) returns in the last 35 years, say analysts.mint(MINT_PRINT)
While traversing its journey from 549 to 50,000, the Sensex, up 91 times, has delivered 13.6% CAGR (compounded annual growth rate) returns in the last 35 years, say analysts.mint(MINT_PRINT)

Sensex surges 750 points to end trading at 49,850; Nifty closes above 14,750

PTI, Mumbai
UPDATED ON MAR 01, 2021 04:06 PM IST
  • Meanwhile, the global oil benchmark Brent crude was trading 0.88 per cent lower at USD 65.39 per barrel.
Close
Bitcoin trading volumes are around $10 billion daily for the spot and futures market combined, compared with an equivalent figure of $100 billion for gold.(REUTERS)
Bitcoin trading volumes are around $10 billion daily for the spot and futures market combined, compared with an equivalent figure of $100 billion for gold.(REUTERS)

Bitcoin rises after Chinese region declares war on crypto mining

Bloomberg
PUBLISHED ON MAR 01, 2021 03:46 PM IST
  • Chinese officials first outlined proposals in 2018 to discourage crypto-mining
Close
SHARE
Story Saved
OPEN APP