The Marico Innovation Foundation (MIF), led by Harsh Mariwala, is actively fostering partnerships between innovators and Fast-Moving Consumer Goods (FMCG) companies to promote inventive solutions aimed at reducing plastic usage. Additionally, MIF is directing its efforts towards promoting innovation in the realms of food and agritech, as well as clean technology, with a strong emphasis on sustainability.
Over the past year, the twelve startups highlighted in the MIF plastics portfolio have collectively reduced carbon dioxide emissions by a total of 124,360 tons.
“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.
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Harsh Mariwala’s Marico, a significant player in the FMCG sector, aims to transition to 100% recyclable plastic usage within 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.
Furthermore, the MIF foundation plans to adopt a circular economy approach to achieve zero waste, focusing on sectors such as food agritech, clean technology, and plastics.
“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.
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