DPIIT inks MoU with Flipkart to invest in and mentor Indian startups

Current Context: On December 9, 2024, in New Delhi, the Department for Promotion of Industry and Internal Trade (DPIIT) signed a Memorandum of Understanding (MoU) with Flipkart.

• Key Elements:
• Objective:
• To support and empower tech startups across India, fostering innovation and entrepreneurship.
• Flipkart's Contribution:
• Flipkart will utilize its $100 million venture fund to invest in promising startups.
• Additional Support:
• The collaboration will provide startups with access to industry reports, research papers, datasets, and expedited patent applications.

Question:

1 What is the monetary value of Flipkart's venture fund allocated for investing in startups under the Department for Promotion of Industry and Internal Trade (DPIIT) and Flipkart?

• A) $100 million
• B) $75 million
• C) $50 million
• D) $150 million

Answer: A) Flipkart has committed to utilizing its $100 million venture fund to identify and invest in promising startups as part of the MoU.