Walmart-owned Flipkart, on Thursday announced that it will be investing in six startups via its $100 million venture fund, Flipkart Ventures.
The six startups - Dopplr, Livwell, LogisticsNow, NeuroPixel.AI, Rightbot Technologies and Sellerapp - will receive an equity investment of up to $500,000 from the e-commerce player. The company didn’t disclose respective investment in each of these startups.
The investment will be a part of the company’s accelerator programme, Flipkart Leap Ahead, which aims to provide early-stage startups with mentorship and guidance to scale and build disruptive innovations, a statement said.
The venture fund shortlisted the startups following a process that involved evaluation by a board of cross-functional leaders at Flipkart and the Flipkart Ventures team, the statement added.
Flipkart Leap Ahead includes a 16-week mentorship training, which comprises a Bain-designed programme including regular mentor connect sessions with Flipkart leaders across the business, product, technology and finance functions.
At the end of the programme, the startups will present their ideas to potential investors on a Demo Day. The first cohort of the Flipkart Leap Ahead programme graduated in July 2021 with eight startups.
“With Flipkart Leap Ahead 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, Flipkart.
The e-commerce player has been in the news recently after the Central Consumer Protection Authority (CCPA) on Wednesday imposed a penalty of Rs 1 lakh for allowing sale of substandard pressure cookers. The regulator has directed Flipkart to notify consumers of all the pressure cookers and reimburse their prices.
According to Walmart, the e-commerce player is said to have contributed to the global retail giant’s advertising revenue which rose 30% year-on-year.
Here’s what we know of the 6 startups shortlisted for the Flipkart Leap Ahead programme:
1. Dopplr - Metaverse
With the help of Al-driven garment display and customization options, Dopplr aims to provide brands with immersive virtual storefronts as a service. Customers can virtually test clothing using their avatars, and they can even engage in social shopping with friends on the platform.
2. Livwell - Insurtech
A blockchain-based insurtech and health engagement platform, LivWell Asia, offers millennials affordable insurance packages. The insurtech startup provides lower prices insurance plans by using users’ health data via its app.
3. LogisticsNow (LoRRI)
LogisticsNow operates a digital logistics platform (LoRRI) that offers deep data-based freight intelligence and procurement solutions. The startup claims that it helps clients save costs and time.
4. NeuroPixel.AI - DeepTech
Deeptech startup NeuroPixel.AI is automating the process of cataloguing apparel. It does so by generating lifelike synthetic human models that can be personalized depending on size, gender and age.
5. Rightbot Technologies - Robotic Fulfillment
Rightbot Technologies is a robotics automation platform that claims to be enabling efficient order fulfilment, thus improving productivity and lowering costs. Currently, it is focusing on the quick commerce segment.
6. Sellerapp - Seller Enablement
SellerApp, a seller-centric intelligence platform, provides claims to be offering tools that can help a seller run, grow, and scale a business. It offers in-depth analyses of category sizing, new product creation, and ad optimization to its clients.
