Promoting innovations to reduce the use of plastics, the Marico Innovation Foundation (MIF) founded by Harsh Mariwala is facilitating collaborations between innovators and Fast-Moving Goods (FMCG) companies. The foundation also aims to focus on food and agritech and clean technology for sustainability.
Also read: Retail sector recovery slow as discretionary spends remain muted
Twelve start-ups featured in the MIF plastics portfolio have saved 1,24,360 tons of carbon dioxide emissions collectively in the last 12 months.
“I have been questioned on the use of plastics by Marico, though we use recyclable plastics many times there are challenges in recycling. The team came up with a proposal to do a study on innovators operating in the plastic industry which led to a report. The report was triggered that there is a need to identify individuals who did not know how to scale up. We do not invest in the innovators but help with the challenges they are facing in the business. The growth impact will be seen in a few years because it is like scaling up a business. Many are at the startup stage with innovations at a very early stage. It will take three to five years to move from start-up to an established company,” said Harsh Mariwala, Founder, of Marico Innovation Foundation to businessline.
Founded by Harsh Mariwala, Marico an FMCG major is targeting to use 100 per cent recyclable plastic in the next five years.
“In Marico, we have reached a level of 94 per cent of recyclable plastic. Through this, we want to create a larger impact. It has to start from how garbage is collected from homes, segregation is important with end to end approach being very important. We will look at ourselves or with partners to work alongside municipal corporations on the issue,” he said.
Further, the MIF foundation plans on having a circulatory-based approach to create zero waste and will be looking at food agritech and clean technology alongside plastic as a sector.
Also read: FMCG makers continue to bet on M&A for growth
“We have done facilitation of innovators and FMCG companies including Nestle and McDonalds. We look at a multiple array of brands. The foundation is looking at the ability to stay invested in the areas we have identified. Earlier we had identified innovation in particular sectors, engaged and then exited and found ourselves in other sunrise sectors. Going ahead we want to create an impact in the sustainability space, we will keep growing in the plastic waste management space, food and agritech is our next area of focus,” said Suranjana Ghosh, Head of Marico Innovation Foundation.