PremiumThe fund will support solutions that strengthen the company’s capability and drive innovation across various verticals, including brand building and awareness, consumer research, go-to-market, and supply chain, as well as well as digital analytics, transportation, warehousing, sustainability, and the future of payments.
NEW DELHI: Procter & Gamble (P&G) India on Tuesday announced the rollout of a ₹200 crore ‘P&G Technovate Fund’ to resolve business challenges by fostering innovation and leveraging innovative technology in collaboration with existing and new external suppliers.
The new fund is part of P&G India’s ‘vGrow’ programme that focuses on collaborating with startups, small businesses, individuals, and large organizations offering business solutions. P&G, in turn, leverages these solutions for its own India business. In the past, P&G has committed to spend over ₹1,300 crore as part of the vGrow programme launched five years ago.
“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 start-ups across the country. Over the years, we have committed spends of more than ₹1,300 crore in business solutions through this platform. 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," said LV Vaidyanathan, CEO, P&G India Subcontinent.
Vaidyanathan said the company has 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 fund will support solutions that strengthen the company’s capability and drive innovation across various verticals, including brand building and awareness, consumer research, go-to-market, and supply chain, as well as well as digital analytics, transportation, warehousing, sustainability, and the future of payments.
vGrow is P&G’s platform to identify and collaborate with businesses and individuals offering industry-leading solutions. Through this platform, P&G engages with over 2300 suppliers including start-ups, small businesses, and large organizations across a range of industries and services including creative agencies to technology partners to material suppliers.