Facebook is collaborating with venture capitalists in India to support small businesses in the country, LiveMint reported on Wednesday (July 3).
Facebook announced partnerships with an array of venture capital funds as part of its VC Brand Incubator initiative, which is reportedly the first in a series of programs the social media and technology conglomerate has launched in India to support small businesses.
The first phase of VC Brand Incubator sees Facebook working with Sauce.vc to collaborate on ways to support small businesses by providing guidance and skills. The partnerships will connect small businesses to mentorship, guidance on best practices, industry insights and other resources.
Sauce.vc focuses on early-stage startups in the apparel, food and beverage and personal care spaces, reports said.
"With the VC Brand Incubator program, we hope to unlock the potential of SMBs in India, enabling them to enhance theirs as well as the country's socioeconomic growth," Facebook India Director of Small and Medium Businesses Archana Vohra said in a statement. "Working with VC funds is crucial, as it allows us to scale and support SMBs at an early stage itself, fast-tracking their growth."
"The program provides a much-needed understanding of Facebook, its family of apps and the digital landscape," said Sauce.vc Founder Manu Chandra in another statement. "As a consumer-focused investor, we look for social marketing expertise in teams that we back, as it is a huge driver of success for small startups that have to optimize every rupee spent."
Earlier this year, Facebook Co-founder Eduardo Saverin's own venture capital firm B Capital raised $406 million, following its February fund close at $360 million. As of April, the firm had invested in 19 startups, including India-based FinTech startup Mswipe.
Facebook has strengthened its own position in India with its investment in Meesho, an eCommerce startup enabling consumers to resell items and connect with potential buyers.