US-headquartered e-commerce and cloud computing group Amazon has launched a $250m fund that will invest in India-based companies, the Economic Times reported yesterday.
Amazon Smbhav Venture Fund will target developers of technology that can help small and medium-sized businesses (SMBs) in industries such as agriculture or healthcare digitalise their technology and launch and manager online businesses.
The vehicle will back farming data technology and anti-waste system developers in the agriculture industry as well as agricultural credit and insurance providers. Telemedicine, digital diagnostics and artificial intelligence-focused treatments will be the focus for its healthcare deals.
Andy Jassy, the CEO of Amazon subsidiary Amazon Web Services who is set to replace Jeff Bezos as CEO of the main company, said: “Small and medium-sized businesses are often the engine and lifeblood of economies and I think it is true in India as well.
“I am excited to announce a brand new $250m Amazon Smbhav Venture Fund where we are going to help inspire more SMBs to be able to build brand new businesses.”
Amazon’s first investment through the fund involves it leading a $10m round for M1xchange, the provider of an online invoice service for micro, small and medium enterprises, investing alongside venture capital firms Beenext and Mayfield Fund.
Mayfield and the state-owned Sidbi Fund supplied an undisclosed amount of series A funding for M1xchange in January 2019. It added $4.5m from Mayfield and Beenext in December 2020.
