P&G India launches vGrow for start-ups
today Oct 11, 2018
Procter & Gamble India has launched an “Innovation Sourcing Fund” called vGrow that will collaborate with start-ups to offer industry-leading solutions.
On October 10, P&G India announced that it had launched vGrow as a multimillion-dollar fund to invest in small businesses, individuals and large organisations. The business has not disclosed the size of the fund.
“The Indian market has been at the forefront of innovation and continues to be a priority for the company, globally,” said Madhusudan Gopalan, the managing director and CEO of P&G for the Indian subcontinent. “We are confident that through vGrow and Innovation Sourcing Fund, we will be able to identify and implement cutting-edge solutions that are a strategic fit for us on our journey to grow sustainably.”
The business held a two day summit to network with external partners in a number of fields including retail, marketing, and supply chain. The business is also launching an online platform called P&G Hackathon that will offer solutions to start-ups online and allow them to force business relationships with the business. P&G India follows other fast moving consumer goods (FMCG) brands such as Colgate-Palmolive India and Unilever Plc India in setting up this venture fund. Marico Ltd and Future Group have also invested in start-ups in India recently.
“In our view, it makes a lot of sense for large, incumbent industry leaders to set aside some capital to be deployed in start-ups,” said Vivek Soni, a partner and leader of private equity advisory at the business. “The choice is clear, be disrupted or be with the disruptor.”
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