Flipkart $100 mn venture fund invests in 6 startups, will mentor them

Companies with a range of innovations will receive an equity investment of up to $500,000

Flipkart Ventures, the $100 million venture fund of the e-commerce firm, has said it will invest in six start-ups whose innovations range from providing virtual stores, robotics automation and try-on apparel.

The start-ups were selected for an accelerator programme called Flipkart Leap Ahead after a selection process that involved multiple rounds of evaluation. They will receive an equity investment of up to $500,000.

“We want to support startups to scale up their businesses and build relevant solutions to solve complex problems in consumer internet and technology ecosystem,” said Ravi Iyer, senior vice president and head, corporate development at Flipkart. “We strive to be a catalyst in the growing startup community by continuing to expand our program each year and presenting growth opportunities to emerging entrepreneurs.”

The start-ups will undergo a 16-week mentorship training programme designed by Bain & Company. They will have regular sessions with Flipkart leaders experienced in business, product, technology, and finance. At the end of the programme, the startups will present their ideas to potential investors and industry leaders on a Demo Day.

The six startups are building capabilities across a wide array of solutions, each catering to a unique problem statement. These include a metaverse with virtual stores, robotic supply chain solutions, AI-powered fashion cataloguing, data analytics-powered business optimisation and data-based freight intelligence.

Dopplr provides immersive virtual stores as a service for brands looking for Al-driven garment display and personalisation. Customers can virtually try on apparel on their avatars and also experience social shopping along with their friends.

LivWell Asia, a blockchain-based platform provides affordable insurance products for millennials. LogisticsNow provides deep data-based freight intelligence and procurement solutions to save on costs and time while enabling sustainability for shippers and carriers.

Flipkart Ventures also backs NeuroPixel.AI, a start-up that generates lifelike synthetic human models with the ability to personalise basis size, gender and age, and automate the process of cataloguing apparel.

Rightbot Technologies is a full-stack robotics automation platform catering to online fulfilment. The sixth company is SellerApp, a seller-centric intelligence platform that empowers sellers to manage, optimize and scale their business.