Flipkart Ventures signs up to invest in six early-stage startups through its Leap Ahead Program
The startups were selected after a selection process that involved rounds of evaluation based on objective criteria by a board of cross-functional leaders at Flipkart and the Flipkart Ventures team. The program aims to provide early-stage startups with mentorship and guidance to grow, scale, and build disruptive innovations that solve problems for Digital India.
The six startups will receive an equity investment of up to $500k from Flipkart and will undergo a mentorship program delivered through a customized curriculum that has been designed by Bain & Company. This includes regular mentor connect sessions with experienced Flipkart leaders across various functions, including business, product, technology, and finance. At the end of the program, the startups will be able to present their ideas, fine-tuned over the course of the 16-week mentorship training, 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 problem statement and the present needs of consumers and sellers online. This includes a metaverse with virtual stores; robotic supply chain solutions; AI-powered fashion cataloging; data analytics-powered business optimisation; data-based freight intelligence; and more that can help elevate customer and seller experiences.
The Flipkart Leap Ahead program graduated its first cohort in July 2021 with eight startups that successfully pitched their ideas to investors and raised further funding.
“Furthering our commitment to fostering India’s entrepreneur ecosystem, 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. Through this endeavor, 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. We are thrilled to invest in and mentor the six selected startups possessing unique ideas, disruptive business models and new innovative technologies,” said Ravi Iyer, Senior Vice President and Head, Corporate Development.
The six startups are:
1. Dopplr – Metaverse
Dopplr looks to provide immersive virtual stores as a service for brands, aided by AI-driven garment display and personalization. Customers can virtually try on apparel on their avatars and also experience social shopping with their friends.
2. Livwell – Insurtech
LivWell Asia, a blockchain-based Insurtech and health engagement application, provides affordable insurance products aimed toward millennials. The insurtech company uses dynamic health data from its application to provide rewards and slash premiums for insurance purchases.
3. LogisticsNow (LoRRI) – Logistics Solutions
LogisticsNow’s flagship digital logistics platform (LoRRI) is powered by the aim of building a National Logistics Grid. LoRRI’s deep data-based freight intelligence and procurement solutions save on costs and time, while enabling sustainability for shippers and carriers.
4. NeuroPixel.AI – Automated Catalogs
NeuroPixel.AI is a DeepTech startup at the intersection of Fashion E-Commerce and ComptuerVision. They generate lifelike synthetic human models with the ability to personalize their size, gender, and age, and automate the process of cataloging apparel.
5. Rightbot Technologies – Robotic Fulfillment
Rightbot Technologies is a full-stack robotics automation platform catering to online fulfillment. Currently focused on the commerce segment, their proprietary technology enables efficient order fulfillment, leading to higher productivity, lower costs, and improved employee wellbeing.
6. Sellerapp – Seller Enablement
SellerApp is a seller-centric intelligence platform whose key focus is to strengthen the seller ecosystem with actionable data and insights. In addition, the company offers in-depth analysis of category sizing, new product development, and advertising optimization.