Flipkart Ventures Invests In Five Early-Stage Start-Ups

Updated on: 26 September 2023 4:25 pm

Flipkarts in-house marketplace will provide a variety of financial products, including personal loans up to Rs 5 lakh

Flipkart To Invest $20 Million In New In-House Credit Marketplace Photo: Flipkart's in-house marketplace will provide a variety of financial products, including personal loans up to Rs 5 lakh

Flipkart’s venture investing arm, Flipkart Ventures, is investing in five early-stage startups as part of its accelerator program, Flipkart Leap Ahead (FLA). The program aims to foster innovation and nurture entrepreneurship by providing entrepreneurs with the tools they need to succeed in their domain, and also positively impact the ecosystems in which they operate.

The startups that will receive equity based funding are Algomage, Castler, FlexifyMe, NimbleBox.ai, and ReCircle. These five startups are building capabilities across a wide array of solutions, each catering to a unique problem statement. This includes Gen AI and ML powered solutions, digital escrow banking stack and circular economy.

Algomage, founded by Anand Rathi in 2021, works in automating end to end image post production using machine learning. Castler, founded by Vineet Singh and Dinesh Kumar in 2020, digitizes escrow banking to offer a user-friendly, efficient, and secure experience for managing payments and settlement.

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FlexifyMe, founded by Manjeet Singh and Amit Bhayani in 2021 is an AI enabled physiotherapy platform to address long term care for musculoskeletal disorders. NimbleBox.ai, founded by Anshuman Pandey, Naman Maheshwari and Rohan Kumar is a managed service to build generative AI applications. ReCircle, founded by Rahul Nainani and Gurashish Sahni is a clean-tech startup with a mission to create a circular economy by diverting waste away from landfills and oceans.

These selected startups will receive mentorship for growth and innovation, with equity-based investments ranging from $250,000 to $500,000. Additionally, they will be provided with support in achieving product-market fit, laying the grounds for scalable architecture, and building cohesive teams.

Lubna Ahmed, head of Flipkart Ventures, said, “Flipkart has always been at the forefront of empowering the startup ecosystem in India. We are excited to witness the transformative journey of startups in India as they harness Flipkart’s resources and guidance to bring their innovative ideas to life. We are pleased that many startups from last year’s cohort have been able to secure successful investor funding, cultivate new business relationships and implement pilot projects to support the ecosystem.”