Multinational consumer goods corporation Procter & Gamble (P&G) has announced an INR 400 Cr ‘India Growth Fund’ to identify and collaborate with startups, small businesses, individuals or large organisations offering innovative solutions to localise the manufacturing of finished goods, procurement of raw materials and packaging.
The new fund is a part of P&G India’s ‘vGROW’ programme.
The latest announcement is in line with a slew of announcements made by the company previously. Last year, P&G India had launched INR 200 Cr Environmental Sustainability Fund to collaborate with external partners on environmentally sustainable solutions. In 2018, it had also set up an Innovation Sourcing fund.
Madhusudan Gopalan, CEO, P&G Indian subcontinent said, “P&G has been making in India for decades and we are committed to the vision of a self-reliant India. More than 95% of the products we sell in India are manufactured locally. We also export finished products manufactured in India to more than 120 countries. In line with our commitment, we are setting-up P&G’s ‘India Growth Fund’ to collaborate with partners on building capacities that will further localise manufacturing of finished products, procurement of raw materials and packaging materials, and adopt innovative solutions that enhance our go-to-market technologies which will enable us to serve our consumers in India.”
P&G claimed that more than 95% of the products the company sells in India are manufactured locally and that it also exports finished products manufactured in India to more than 120 countries.
Established in 1964, P&G India operates under three entities in India – Procter & Gamble Hygiene and Health Care Limited, Gillette India Limited and Procter & Gamble Home Products.
Last year, P&G India tested its ecommerce store pgshop.in in India which was available in beta version with products Oral B and Herbal Essences products available on the platform.