Procter & Gamble (P&G) India announced a Rs 200 Cr ‘P&G Technovate Fund’ to solve business challenges by fostering innovation and leveraging innovative technology in collaboration with its external suppliers. 

This will include solutions that will strengthen the company’s capability and drive innovation across various verticals. These encompass brand building and awareness, consumer research, go-to-market and supply chain, as well as key focus areas like digital analytics, transportation and warehousing, sustainability, and the future of payments. 

This movement is in line with the government’s vision of driving digital revolution and transformation in the country, leading to this decade being termed a ‘Techade’ for India. 

This new fund is part of P&G India’s ‘vGrow’ program that focuses on identifying and collaborating with start-ups, small businesses, individuals and large organisations offering innovative business solutions. These solutions will help the company deliver a superior consumer experience and drive constructive disruption.

With this announcement, the FMCG major also launched the fifth edition of ‘P&G vGrow External Business Partner Summit,’ from November 01 to 02, 2022. The Summit offers existing and new suppliers a platform to pitch their solutions to P&G India’s leadership team.

LV Vaidyanathan, chief executive officer (CEO) at P&G India Subcontinent said, “Five years ago, we launched ‘vGrow’ 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 start-ups across the country. Over the years, we have committed spends of more than Rs 1300 crore in business solutions through this platform. We strongly believe that by forging partnerships with new-age, innovative and sustainable solutions, we have created and delivered superior value for our consumers, customers, partners, and communities alike.”

He added that the company considers constructive disruption as one of its critical integrated growth strategies, which has helped it build and sustain its business and will be critical in its journey forward. “With this, we have set up the ‘P&G Technovate Fund’ to collaborate with external partners who understand and specialise in technology, operate with a digital-first mindset, and constantly bring innovation in the industry. We are confident that through these partnerships, we will be able better to serve our consumers, customers, and communities,” he claimed. 

vGrow is P&G’s first-of-its-kind platform to identify and collaborate with businesses and individuals offering industry-leading solutions. Through this platform, the company engages with over 2300 suppliers, including start-ups, small businesses, and large organisations from various industries and services, from creative agencies to technology partners to material suppliers. 

To develop innovative solutions via external business partnerships, P&G has its online platform ‘P&G Hackathon’, which connects external business partners with creative solutions to the company’s needs, creating a collaborative ecosystem.