With an aim to foster innovations, Flipkart’s venture investing arm, Flipkart Ventures, has invested in five early-stage startups as part of its accelerator programme, Flipkart Leap Ahead (FLA). The programme, now in its second year, works to provide its startups with the right tools to nurture their entrepreneurial endeavours. This helps the entrepreneurs positively impact the ecosystems in which they operate.
The startups that will receive equity-based funding are Algomage, Castler, FlexifyMe, NimbleBox.ai, and ReCircle. According to a company statement, each startup is harnessing building capabilities that target a unique problem statement. The area of specialisation includes Gen AI and ML-powered solutions, the digital escrow banking stack, and circular economy.
In the programme, the selected startups will receive equity-based investments ranging from $250k to $500k. Additionally, they will receive mentorship with senior Flipkart leadership and functional subject matter experts in core functions. The startups will gain support in achieving product-market fit, laying the groundwork for a scalable architecture, and building cohesive teams.
“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. This programme is a testament to Flipkart’s commitment to supporting India’s vibrant startup ecosystem, which is playing a pivotal role in the country’s digital journey,” said Lubna Ahmed, Head of Flipkart Ventures.
More about the selected startups
Algomage
Founded by Anand Rathi in 2021, Algomage automates end-to-end image post-production (culling, editing, and sharing) using machine learning. Through branded image delivery, it helps photographers save time on processing and sponsors achieve greater visibility at live events.
Castler
Founded by Vineet Singh and Dinesh Kumar in 2020, Castler digitizes escrow banking to offer a user-friendly, efficient, and secure experience for managing payments and settlement between buyers and vendors. It provides a one-stop solution for managing escrow transactions, combining escrow services, trusteeship services, and transaction management tools.
FlexifyMe
Founded by Manjeet Singh and Amit Bhayani in 2021, Flexifyme is an AI-enabled physiotherapy platform to address long-term care for musculoskeletal disorders. The platform uses a mix of traditional healing and AI-led dynamic posture analysis to customize plans and track continuous progress.
NimbleBox.ai
Founded by Anshuman Pandey, Naman Maheshwari, and Rohan Kumar, NimbleBox.ai is an MLOps platform to build generative AI applications. The platform integrates with enterprises’ cloud accounts as well as on-premises, hosting commercially usable models for tailored use-cases across industries.
ReCircle
Founded by Rahul Nainani and Gurashish Sahni, Recircle is a clean-tech startup with a mission to create a circular economy by diverting waste away from landfills and oceans. It offers comprehensive end-to-end tech-portal for end to end waste management.
About Flipkart Ventures
Established in 2019, Flipkart Ventures is an early-stage investment arm of the Flipkart Group. It has allocated a $100 million fund to back early-stage startups in India. This endeavour supports the ecosystem to build innovative solutions for the next wave of internet users. The venture boasts of a portfolio of 15+ companies and has invested in companies like FinBox, GOAT Brand Labs and Hyperface.
The accelerator invests in pre-seed and seed-stage startups with a cheque size of $150K–$500K. In addition, the selected startups also undergo a 60-day programme designed to set them up for rapid scaling and growth. Last year, FLA revealed the six startups under its first cohort: dopplr, LivWell, LogisticsNow, RightBot, SellerApp, and NeuroPixel.AI.