Procter & Gamble (P&G) India has announced a growth fund of Rs 400 crore to give a hand to the government's vision of a self-reliant country. The fund would be utilised to localise manufacturing of finished products, procurement of raw materials and packaging materials and to adopt go-to-market innovations and technology.
"This new fund is part of P&G India's 'vGROW' program that focuses on identifying and collaborating with start-ups, small businesses, individuals or large organisations offering innovative industry-leading solutions," said the company.
vGROW is a platform that identifies and collaborates with businesses and individuals offering industry-leading solutions. P&G India engages with more than 2,300 Indian suppliers including startups, small businesses and large organisations across industries and services ranging from creative agencies and technology partners to material suppliers.
Madhusudan Gopalan, CEO, P&G Indian Subcontinent said the company has been manufacturing in India for decades and is hence, committed to the vision of self-reliant India. "More than 95 per cent 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," he said.
He said that three years ago they launched the vGROW program to create a partnership platform for supplier in the country. "In the first two years we also set-up the 'Innovation Fund' and 'Sustainability Fund' through which we have invested more than Rs 250 crore in forging partnerships on new-age, innovative and sustainable solutions for the business," said Gopalan.