Flipkart constitutes $60-100 Mn startup dedicated fund

Multi-billion corporates in India are having dedicated funds to invest in startups for quite some time but large-scaled startups have shied away from doing so. However, Flipkart is trailing a blaze by setting up a $60 to $100 million fund to make strategic investments around its ecosystem.Probably, this is the first instance where e-commerce firm in India has structured a dedicated fund for investments.The e-commerce marketplace plans to invest majorly in areas including fintech, Saas and supply chain and aims to take up sizeable stake (close to 20-30 per cent) in early-stage startups in return.  Emily McNeal, the group CFO of Flipkart, will lead the fund.“We are delighted to support such innovative early-stage startups that are working on next-gen technology in and around our ecosystem,” said McNeal to ET. The capital for the fund will come from Flipkart, added the report.