Procter & Gamble sets up innovation sourcing fund in India for start-ups

The company kicked off an external partner summit in Mumbai on Wednesday to help it identify firms that it could work with

The world’s largest consumer goods company Procter & Gamble (P&G) on Wednesday said that it was setting up an innovation sourcing fund in India in a move aimed at identifying start-ups and organisations that had industry-leading ideas and solutions. 

While P&G did not specify the size of the fund, simply saying that it ran into “multi-million dollars”, the Cincinnati-based company follows its Anglo-Dutch rival Unilever, which has been investing in Indian start-ups for some time now. In January, Unilever Ventures put Rs 190 million in Gurugram-based start-up Milkbasket, adding one more firm to a growing portfolio, which includes Chennai-based water solutions provider