Walmart-owned Flipkart on Tuesday launched a new program ‘Flipkart Boost’ that aims to help digital-first consumer brands grow their business. Through the service charge model, Flipkart Boost will provide end-to-end support for planning, advertising, cataloging, logistics, quality control and mentoring to emerging ‘Made in India’ brands, a statement said.
The Flipkart Boost program will shortlist brands based on a set of pre-defined objective criteria, including their growth potential, sustainable revenue run rate, focus on quality, commitment to building a long-lasting brand, strong product mix and Includes customer orientation. added. “Based on certain criteria, brands can apply directly to the Flipkart seller platform, out of which 100 brands will be selected for the program this year.”
Selected brands will have the opportunity to receive potential funding from a network of venture capital funds and a network of investors active in the D2C space, including A91 Partners, DSG Consumer Partners, Fireside Ventures, Matrix Partners India, Sequoia Capital India and Stellaris Venture Partners . Selected brands will be able to leverage Flipkart’s expertise across functions using value-driven business insights, expand digital visibility, and with ideal solutions to strengthen their presence and create measurable impact among customers Will enter different geographical areas. The Flipkart Boost program will enable growth opportunities through insights into the performance and customer traction of these brands, it added.
Flipkart said the program was launched earlier this year with multiple brands (including Delight Foods and beauty product company Pilgrim) and these brands have launched a wide variety of products including F&B, baby care, lifestyle, beauty and home improvement. segments represented. As India’s domestic e-commerce market, our primary goal is to expand our offerings in line with the evolving preferences of our customers; While ensuring empowerment of Indian MSMEs (Micro, Small and Medium Enterprises) and participating in the ‘Make in India’ mission,” said Ravi Iyer, Senior Vice President and Head (Corporate Development), Flipkart. Growth Direct-to-consumer brands have given a boost to the MSME sector in India. The growing popularity of digital-first brands driven by a focus on specific customer needs demonstrates the immense potential of the market.”
He said that with the Flipkart Boost programme, the aim is to build and nurture these growing customer-centric businesses, providing them with relevant mentorship, including access to a network of investors, market intelligence, scalability programs and marketing engagement. Flipkart quoted Avendus Capital’s report that the D2C (direct to customer) sector in India is currently worth USD 44.6 billion (end of FY 2021) and is expected to be USD 100 billion by 2025. Over the past 18 months, more than 800 D2C brands have leveraged the power of digital to build their presence and meet increasing customer preferences. The pandemic has accelerated the upswing for D2C brands, with demand increasing by almost 88 percent in 2019.