Procter & Gamble (P&G) India, the Indian unit of American consumer goods company, has set up a fund in which it will allocate Rs 200 crore to invest in technology-led solutions to solve business problems.
The P&G Technovate Fund will cover solutions that will improve the firm’s capability across various verticals, including brand building and awareness, consumer research, go-to-market, and supply chain, the Tide detergent maker said in a statement on Tuesday.
The fund will also focus on areas like digital analytics, transportation and warehousing, sustainability, and the future of payments.
“We see technology as an important enabler in solving business problems, and innovation as the need of the hour to anticipate and delight consumers in their evolving needs,” said LV Vaidyanathan, chief executive officer, P&G India Subcontinent. “We have set up the ‘P&G Technovate Fund’ to collaborate with external partners who understand and specialize in technology, are operating with a digital-first mindset, and are constantly bringing innovation in the industry.”
The initiative is a part of the firm’s “Vgrow” programme that focuses on identifying and collaborating with start-ups, small businesses, individuals, and large organisations offering innovative industry-leading business solutions. P&G India had launched Vgrow about five years ago and the current investment comes on top of over Rs 1,300 crore the company has committed previously.
Through Vgrow, P&G engages with over 2,300 suppliers including startups, small businesses, and large organizations from a wide range of industries.
“Five years ago, we launched ‘Vgrow’ with the vision to create a platform to foster collaboration and partnerships with external partners and suppliers, to solve business challenges and provide a breeding ground to emerging startups across the country. We strongly believe that by forging partnerships with new-age, innovative and sustainable solutions, we have been able to create and deliver superior value for our consumers, customers, partners, and communities alike,” Vaidyanathan added.
It also launched the fifth edition of ‘P&G Vgrow External Business Partner Summit,’ which offers a platform to suppliers to pitch their solutions to company’s leadership team. It is being held from November 01 to 02, 2022.
Last year, the company had launched a Rs 500 crore P&G Rural Growth Fund to partner with startups and small businesses and leverage the rural market.
