Kolkata (India) correspondent: Right now at these era when direct-to-consumer (D2C) brands are finding growing acceptance among consumers, Flipkart has launched a programme to spot and build such digital-first brands on its platform through a service fee model.
The programme called Flipkart Boost, the ecommerce major will offer its expertise to early-stage brands in the areas like planning, advertising, cataloguing, logistics, quality control and mentoring, and help them approach venture funds to raise capital.
At the programme, Flipkart said, will shortlist brands on certain criteria like growth potential, revenue run-rate and customer focus, after which they can pitch to sector-focused venture funds like A91 Partners, DSG Consumer Partners, Fireside Ventures, Matrix Partners India, Sequoia Capital India and Stellaris Venture Partners to raise funding.Ravi Iyer, senior vice president and head of corporate development at Flipkart says “The growing popularity of digital-first brands driven by a focus on specific customer needs demonstrates immense market potential,”He also says “With the Flipkart Boost programme, we aim to build and nurture these growing customer-focused businesses by providing them relevant mentoring that covers access to a network of investors, market intelligence, scalability programmes, and marketing engagements,”Many D2C brands, with their digital-first approach, have seen a dramatic spike in their reach since the outbreak of Covid-19 as consumers across the country have taken to online shopping.
Flipkart said it ran a pilot of Flipkart Boost earlier this year with a few brands from segments like F&B, baby care, lifestyle, beauty and home improvement. The company has its own private labels such as Flipkart Smartbuy and MarQ on the platform.Flipkart, through its venture arm, has also invested in Goat Brand Labs – a Thrasio-style venture cofounded by its former executive Rishi Vasudev.
News is being sent by BTC News (Bangladesh) Kolkata (India) correspondent. Subhokar Bose. #
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