Amazon announces $250 million fund to digitise small businesses in India

Amazon has announced a $250 million venture fund for India and it will focus on bringing the country's small businesses online.

Amazon.com Inc on Thursday announced a $250 million venture fund for India, focused on bringing the country's small businesses online, as the company comes under fire from local retailers. The new fund will focus on the digitisation of small and medium businesses, innovation in agri-tech and health tech, the company said. "We are very passionate about trying to enable acceleration of small and medium-sized businesses, in fuelling innovation and the economy in India," the company's incoming CEO Andy Jassy said at Amazon India's event "Smbhav", which phonetically means "possible" in Hindi.