Facebook India has announced a VC Brand Incubator Program where it will partner with VC funds in India.- In the first edition, Facebook has partnered with Mumbai-based Sauce.vc.
- Earlier in June, Facebook had invested an undisclosed amount in social e-commerce startup Meesho.
“SMBs are the backbone of our economy and Facebook is the default destination for them to thrive and grow. Their seamless growth can lead to consistent job creation, adding to GDP growth. Working with VC funds is crucial as it allows us to scale and support SMBs at an early-stage itself, fast-tracking their growth,” said Archana Vohra, Director, Small and Medium Businesses at Facebook India.
Vohra also said that several SMBs are aiding a larger social change. They are empowering women entrepreneurs, while impacting businesses in tier-2 and tier-3 towns.
To help drive this change, Facebook partnered with early stage venture capital fund Mumbai-based Sauce.vc.
As a part of the program, Facebook experts will organise skilling and training sessions that will help SMBs expand their businesses via digital medium.
Facebook, which helps 90 million small businesses globally, has been investing in the Indian ecosystem.
In June, the social media giant invested an undisclosed amount in an Indian social commerce startup Meesho. This was the first time that the global giant had picked up equity in an Indian startup. Meesho is a marketplace for resellers, and connects them with customers via social media channels like WhatsApp and Facebook.
All these initiatives seem to steer in the direction of Facebook establishing itself as the next big marketplace for businesses.
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Facebook invests in Meesho showing that it will enter online e-commerce sooner than later