$250 million fund for SMEs announced by Amazon.
On Thursday, E-commerce giant Amazon announced a $250 million (around ₹1,873 crore) fund that will concentrate on digitising small and medium businesses, and drive modernization in the areas of health-tech and agro-tech.
Amazon Web Services CEO, Andrew Jassy, said, "Small and medium-sized businesses are often the engine and the lifeblood of economies and I think it's true in India as well. And we are very passionate about trying to enable acceleration of SMBs in fuelling innovation and the economy in India and so building on what we did last year, I'm excited to announce a brand new $250 million Amazon Smbhav Venture Fund".
Mr. Jassy, who will take over as Amazon Inc CEO later this year, during the second Amazon Smbhav event said that Amazon aims to help motivate more SMBs under this to be able to build brand new businesses
Amazon India Global SVP and Country Head India, Amit Agarwal said that the fund is beset at vesting the best ideas and attracting visionary entrepreneurs.
He added, “The fund is going to focus on three key priorities- SME digitisation, agri-tech innovations to empower farmer productivity and reach and health-tech to provide universal and quality health care”.