FMCG maker Procter & Gamble India unveiled on Thursday its commitment to fostering collaboration with external partners and innovators through the establishment of a INR 300 crore fund. This initiative aims to co-create solutions for a cutting-edge supply chain ecosystem.
According to a company statement, the P&G Supply Chain Catalyst Fund will offer startups and innovators a chance to partner with Procter & Gamble (P&G) India in tailoring business solutions, thus expediting the company’s progress towards its Supply 3.0 endeavors.
This contribution is a segment of the INR 1,800 crore commitment toward business solutions within the vGROW framework. Under this initiative, the company behind renowned brands like Gillette, Whisper, and Vicks is channeling investments into small businesses, individuals, and large organizations that provide innovative solutions.
“The announcement is in line with the Prime Minister’s Gati Shakti initiative, which is an endeavour towards multi-modal connectivity in the country that will enhance seamless movement of goods and services through targeted interventions,” the statement said.
Commenting on the development, P&G India Subcontinent CEO L V Vaidyanathan said through this fund, the company is focused on co-creating innovative solutions that enhance the very backbone of its operations – the supply chain.
“We are confident that focused interventions in the supply chain will have a positive impact on our overall priorities including constructive disruption and productivity, he said.
P&G India had launched vGROW six years ago with a vision to create a platform to foster collaboration and partnerships with external partners and suppliers, to solve business challenges and provide a breeding ground to emerging startups across the country, he said.
“With this fund, we have committed spends of more than INR 1,800 crore to date in business solutions through vGROW. We strongly believe that a healthy dissatisfaction with the status quo will help us raise the bar on constructive disruption and better serve consumers, customers, and communities,” Vaidyanathan said.
Utilizing the vGROW platform, P&G actively interacts with a diverse network of more than 2,300 suppliers, encompassing startups, small enterprises, and large corporations spanning various industries and services. This includes collaborators ranging from creative agencies and technology partners to material suppliers.