Personal care and hygiene product major, Procter & Gamble India announced, on Tuesday, a ‘P&G Technovate Fund’ of ₹200 crore to address business challenges through innovation and leveraging innovative technology in collaboration with existing and new external suppliers.
The fund will be used for consumer research, brand building, digital analytics, transportation and warehousing, sustainability, go-to-market, supply chain, and the future of payments. The fund is a part of the company’s vGrow programme that identifies and collaborates with start-ups, small businesses, and organizations offering business solutions.
“We have set up the P&G Technovate Fund to collaborate with external partners who understand and specialise in technology and operate with a digital-first mindset. Five years ago, we launched ‘vGrow’ – with the vision to create a platform to foster collaboration and partnerships with external partners and suppliers, solve business challenges, and provide a breeding ground to emerging start-ups across the country,” said LV Vaidyanathan, CEO, of P&G India Subcontinent.
Further, the company has committed spends of more than ₹1300 crore in business solutions through its ‘vGrow’ platform.
The company has also launched the fifth edition of the ‘P&G vGrow External Business Partner Summit’ that is being held between November 1 - November 2.