Amazon has increased the size of its Smbhav Venture Fund to $350m and will invest in companies digitising the production of goods.
Ecommerce group Amazon increased its focus on India today as it expanded the size of its India-based Smbhav Venture Fund to $350m and unveiled plans to invest $120m in local companies looking to digitise the production of goods.
The plans were announced as Amazon signed a memorandum of understanding with India’s Department for Promotion of Industry and Internal Trade intended to help it establish the country as a manufacturing hub and create thousands of jobs.
“I am incredibly excited about the opportunities that lie ahead for Amazon in India,” said Amit Agarwal, Amazon’s senior vice-president of emerging markets, speaking at the group’s annual Smbhav Summit this morning.
“As one of the world’s fastest-growing economies, India is a key market for Amazon and our focus areas align well with the government’s vision and priorities of digitising small businesses, boosting exports and creating jobs.”
Smbhav Venture Fund was launched in 2021 to fund Indian startups with products or services that can help small and medium-sized businesses in areas like agriculture or healthcare digitalise their technology.
The unit has since expanded to incorporate areas like ecommerce brands, digital finance and now manufacturing. It currently has a dozen startups in its portfolio including online fresh food marketplace FreshToHome and led a $12m round for home health testing service Orange Health Labs in early December 2024.
