 "P&G India set up Rs 200-cr 'Technovate Fund' to solve business challenges")
Personal care products major Procter & Gamble (P&G) India announced a Rs 200-crore ‘P&G Technovate Fund’ on Tuesday, to solve business challenges by fostering innovation and leveraging innovative technology in collaboration with existing and new external suppliers.
The fund is part of P&G India’s ‘vGrow’ initiative that focuses on identifying and collaborating with start-ups, small businesses, individuals, and large organisations offering innovative industry-leading business solutions.
The firm has also committed to spend more than Rs 1300 crore in business solutions through its ‘vGrow’ platform.
The funds will be used to bolster the company’s capabilities in brand building and awareness, consumer research, go-to-market, supply chain, digital analytics, transportation and warehousing, sustainability, and the future of payments.
This is in line with the government’s vision of driving digital revolution and transformation in the country, leading to this decade being termed a ‘Techade’ for India, said the company.
“We have set up the ‘P&G Technovate Fund’ to collaborate with external partners who understand and specialise in technology, are operating with a digital-first mindset and are confident that through these partnerships, we will be able to better serve our consumers, customers, and communities,” said L V Vaidyanathan, CEO, P&G India Subcontinent.
Launched five years ago, ‘vGrow’ aims to create a platform to foster collaboration and partnerships with external partners and suppliers, in order to solve business challenges and provide a breeding ground to emerging start-ups across the country, he said.
Through vGrow, the company engages with over 2,300 suppliers including start-ups, small businesses, and large firms embracing a range of industries and services, from creative agencies to technology partners to material suppliers.
The Company has also launched the fifth edition of ‘P&G vGrow External Business Partner Summit,’ that is being held on November 1-2.
The fund is part of P&G India’s ‘vGrow’ initiative that focuses on identifying and collaborating with start-ups, small businesses, individuals, and large organisations offering innovative industry-leading business solutions.
The firm has also committed to spend more than Rs 1300 crore in business solutions through its ‘vGrow’ platform.
The funds will be used to bolster the company’s capabilities in brand building and awareness, consumer research, go-to-market, supply chain, digital analytics, transportation and warehousing, sustainability, and the future of payments.
This is in line with the government’s vision of driving digital revolution and transformation in the country, leading to this decade being termed a ‘Techade’ for India, said the company.
“We have set up the ‘P&G Technovate Fund’ to collaborate with external partners who understand and specialise in technology, are operating with a digital-first mindset and are confident that through these partnerships, we will be able to better serve our consumers, customers, and communities,” said L V Vaidyanathan, CEO, P&G India Subcontinent.
Launched five years ago, ‘vGrow’ aims to create a platform to foster collaboration and partnerships with external partners and suppliers, in order to solve business challenges and provide a breeding ground to emerging start-ups across the country, he said.
Through vGrow, the company engages with over 2,300 suppliers including start-ups, small businesses, and large firms embracing a range of industries and services, from creative agencies to technology partners to material suppliers.
The Company has also launched the fifth edition of ‘P&G vGrow External Business Partner Summit,’ that is being held on November 1-2.
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