Amazon India Partners With Crowdfunding Platform Ketto To Support Online Sellers
Amazon India and Ketto launch a programme to support online sellers
Online sellers can raise small ticket funds beginning from INR 50K at a subsidized fee
Under this initiative, Ketto will be shortlisting and finalising applications
Image Credit: Amazon India Twitter Handle
Amazon India has joined hands with Mumbai-based crowdfunding company Ketto to help its sellers raise funding for business expansion, product development and even for medical assistance.
As a part of the programme named Amazon Wings to empower the sellers in India, the company will allow its sellers to use Ketto's platform and raise small ticket funds beginning from INR 50K at a subsidized fee for initiating fundraisers.
"India has a huge and thriving base of SMEs in the country but availability of funds is one of the major barriers for their business growth and innovation. With the launch of "Amazon Wings" program, we are delighted to partner with Ketto to find a way to enable sellers to raise funds and foster innovation and new product development," said Gopal Pillai, vice president, seller services, Amazon India.
Under this initiative, Amazon will solicit interest from sellers to apply to Ketto for participation in the program. The applications will then be shortlisted by Ketto on the basis of the seller story, the purpose of the fundraiser and the goal amount. Once shortlisted, a team of experts from Ketto will guide the sellers from the ideation stage to the final launch of the campaign. Following the launch, the shortlisted sellers will be able to promote it in their social circle.
Post implementation of FDI guidelines in ecommerce, Amazon is looking to boost its sales from independent sellers. In order to attract more sellers to list themselves on the platform, Amazon India reduced its commission charges to attract more independent sellers and establish itself as a friendly marketplace.
In order to motivate the vendors, the company also began a rating-based commission system for fashion vendors. The best performers will pay around 35% less commission as compared to what they were paying before.
While it continues to explore ways to maintain its dominant position in the ecommerce space in India, the company is also looking to drive its revenue using offline strategies with investments in supermarket chains.