P&G India Announces New Fund for Startups
Procter & Gamble India (P&G India), the parent company of brands like Gillette, Whisper, and Vicks, announced a 300 crore 'P&G Supply Chain Catalyst Fund' on Sept 28. The fund aims to collaborate with third-party firms and startups to co-develop solutions for a modern supply chain ecosystem. According to a company statement, the investment focuses on multiple aspects, including supply chain optimization and digitization, capacity expansion, and sustainability, as the company seeks to revitalize its supply chain.
The fund is part of P&G India's six-year-old 'vGROW' program, which seeks partnerships with startups, small businesses, individuals, and larger corporations to provide business solutions beneficial to P&G's operations in India. The program has so far resulted in investments totaling Rs. 1,800 crore.
“With the ‘P&G Supply Chain Catalyst’ fund, we are focused on co-creating innovative solutions that enhance the backbone of our operations - the supply chain. We are confident that focused interventions in the supply chain will have a positive impact on our overall priorities, including constructive disruption and productivity," LV Vaidyanathan, CEO of P&G India sub-continent, said in a statement on Sept 28.
“With this fund, we have committed spends of more than ₹1800 crore in business solutions through growth. We strongly believe that a healthy dissatisfaction with the status quo will help us raise the bar on constructive disruption and better serve consumers, customers, and communities," he said.
P&G engages with over 2,300 suppliers through the vGROW platform, including startups, small businesses, and large organizations from a wide range of industries and services, from creative agencies to technology partners to material suppliers. For example, the company announced a 200 crore 'P&G Technovate Fund' last year to solve business challenges through the use of technology in collaboration with existing and new external suppliers.