Facebook ties up with SAIF Partners to provide a fillip to the Indian SMB ecosystem
The partnership is a part of Facebook’s 'VC Brand Incubator Program', which is an industry-first initiative launched in June to build the ecosystem for SMB growth by providing young businesses with timely skilling and guidance.
Thursday October 31, 2019,
2 min Read
Facebook India today announced its collaboration with SAIF Partners strengthening its commitment to enable the growth of small and medium businesses (SMBs) and entrepreneurship in the country.
The partnership is a part of Facebook’s 'VC Brand Incubator Program', which is an industry-first initiative launched in June to build the ecosystem for SMB growth in the country by providing young businesses with timely skilling and guidance. In five months, the programme has tied up with three venture capital funds - Sauce.VC, Fireside Ventures, and now SAIF Partners.
In partnership with these three VC funds, Facebook has already skilled, trained, and mentored more than 70 brands at various stages of their growth journey.
Talking about the VC Brand Incubator Program, and the latest partnership with SAIF Partners Archana Vohra, Director, Small and Medium Businesses at Facebook India said,
“Our vast experience with SMBs tells us that strong digital skills and timely guidance can help them succeed and increase profits quickly. Facebook has consistently delivered business results for SMBs and through the VC Brand Incubator Program and the latest partnership with SAIF Partners we’ve deepened our commitment to the growth of small businesses and entrepreneurship in India. Businesses from across industries and at different stages of their growth journey have experienced measurable and positive business impact as a result of this programme, and with SAIF Partners on board we now have an opportunity to deliver an even larger impact.”
SAIF Partners, a leading venture capital fund in India, has been an early-stage investor in iconic brands such as MakeMyTrip, BookMyShow, Justdial.com, and Paytm.
Deepak Gaur, Managing Director, SAIF Partners said, “We are thrilled to partner with Facebook to create a platform for young consumer companies to learn from the Facebook leadership as well as each other about the best practices and the playbook for scaling on Facebook’s family of apps. We believe that programmes like the VC Brand Incubator will go a long way in helping early-stage consumer-focused companies avoid common mistakes, enabling them to create differentiated brand awareness on digital platforms in the most efficient manner.”
Twenty-four brands associated with SAIF Partners have now become a part of Facebook’s VC Brand Incubator Program. They are from industries as distinct as ecommerce, CPG, auto, education, and health among others, and include names such as Chaayos, Spinny, Airblack, Peebuddy, Skoodoo, and TheMomsCo.
(Edited by Evelyn Ratnakumar)