Chennai, NFAPost: Facebook India has announced that it is collaborating with Venture Capital (VC) Funds to accelerate the growth of the small and medium businesses (SMB) they invest in.
The VC Brand Incubator Program will be the first in a series of programs by Facebook that will be geared towards laying a strong foundation for SMB growth in India by providing them with timely skilling and guidance, enabling these businesses to hasten socio-economic growth of the country as well.
As a part of this program, Facebook will work with VC funds with the aim of skilling and mentoring the brands by sharing insights on best practices, proven solutions, playbooks, vertical-insights among other key learnings, a release said.
For the first edition, Facebook is working with Sauce.vc, a Mumbai-based early-stage venture capital fund that among others has partnered with startups in the food and beverages, personal care, apparel, and the lifestyle space.
Speaking about the VC Brand Incubator Program, Archana Vohra, Director, Small and Medium Businesses at Facebook India, said, “With the VC Brand Incubator program, we hope to unlock the potential of SMBs in India, enabling them to enhance their and the country’s socio-economic growth. SMBs are the backbone of our economy and Facebook is the default destination for them to thrive and grow. Several SMBs are actively working towards creating a larger social change, and many are empowering women entrepreneurs and generating impact in tier-2 and tier-3 towns. Their seamless growth can lead to consistent job creation, adding to the 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.”
India is home to one of the largest startup ecosystems in the world, and venture capital funds are an integral part of this network. The number of small venture capital funds with active investments has been rising steadily in recent years.
However, a robust skilling and support infrastructure to ensure the swift scale-up of SMBs is still lacking in the country. The VC Brand Incubator program aims to solve for this gap by supporting the VC funds and the brands they are invested in to facilitate their growth and remove roadblocks.