Saturday, February 27, 2021
Home India Facebook Partners VC Funds to Help SMBs Grow in India: Report

Facebook Partners VC Funds to Help SMBs Grow in India: Report

Facebook is home to more than 90 million small businesses globally

With an aim to help small and medium businesses (SMBs) scale up their operations, Facebook on Wednesday announced partnerships with venture capital (VC) funds in the country.

The “VC Brand Incubator” will be the first in a series of programmes by Facebook to provide SMBs with timely skilling and guidance.

For the first edition of the programme, Facebook worked with Sauce.vc, a Mumbai-based early-stage venture capital fund that has partnered with startups in the food and beverages, personal care, apparel and the lifestyle space.

“With the ‘VC Brand Incubator’ programme, we hope to unlock the potential of SMBs in India, enabling them to enhance theirs as well as the country’s socio-economic growth,” said Archana Vohra, Director, Small and Medium Businesses at Facebook India.

“Working with VC funds is crucial as it allows us to scale and support SMBs at an early-stage itself, fast-tracking their growth,” Vohra added.

Facebook will work with VC funds to skill and mentor the SMBs by sharing insights on best practices, proven solutions, playbooks, vertical-insights among other key learnings.

“The programme provides a much-needed understanding of Facebook, its family of Apps, and the digital landscape. As a consumer-focused investor, we look for social marketing expertise in teams that we back as it is a huge driver of success for small startups that have to optimize every rupee spent,” informed Manu Chandra, Founder, Sauce.vc.

facebook, uploads email
FILE – Facebook CEO Mark Zuckerberg speaks at a Facebook developer conference in San Jose, California, May 1, 2018. VOA

India is home to one of the largest startup ecosystems in the world, and venture capital funds are an integral part of this network.

Prime Minister Narendra Modi has promised to facilitate the setting up of 50,000 new startups in India by 2024. The central government would also create a ‘Seed Startup Fund’ of Rs 20,000 crore.

According to IT industry’s apex body Nasscom, India added 1,200 new technology startups in 2018. There are now about 7,700 tech startups in the country, making it the third largest in the world, the report said last year.

The “VC Brand Incubator” programme is a series of events that woild be held across Mumbai, Bengaluru and other key cities.

Also Read: Safeguarding Government Customers’ Data Topmost Priority: Samsung

The first programme was held last month in collaboration with Sauce.vc and saw participation from 25 brands of which five were women-led businesses.

Facebook recently announced an investment in Meesho, a social commerce company empowering first-time entrepreneurs, especially women, across Tier-2 and Tier-3 towns in India.

Facebook is home to more than 90 million small businesses globally. (IANS)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Indian Firms Are Still Far From Digital Empathy

As more and more Indians adopt a digital way of life most organizations are still a long way from authentically displaying "digital empathy" and...

Children’s Book To Keep Young Readers Company

With an unprecedented year of transformation in education, children's reading has gained a new significance. Here are new children's titles from Talking Cub and...

Study: Mental Well-Being Impacted By Pandemic’s Social Consequences

As the country continues to battle the coronavirus, young adults in college say that their mental well-being has been most impacted by the pandemic's...

World NGO Day 2021: Why is it celebrated? (Significance and Facts)

The term NGO stands for a Non-Governmental organization, and it includes a variety of organizations such as “private voluntary organizations,” “civil society organizations,” and...

68 Percent Women Feel Insecured Due To Rejections Based On Beauty

According to a recent survey, nine out of ten women in India feel they are judged and rejected based on their looks during the...

Five Things To Be Mindful Of Before Buying A House In 2021

Owning a home is something all of us have dreamt of at some point in time in our lives. At the very outset, the...

An Agreement To Boost Online Jewellery Retail

To provide impetus to Indian gem and jewelry sellers on the global e-marketplace and explore potential business collaborations for sectoral growth, the Gem and...

Work on India’s First-Ever Cable-Styled Bridge Called “Anji” Goes on in Full Swing!

Work on India's first cable-styled bridge, also called the Anji bridge, is going on in full swing in Jammu and Kashmir's Raesi district, and...

Recent Comments