Procter & Gamble India has announced it is to invest in Indian start-ups with a new fund called Innovation Sourcing Fund, according to a report by The News Minute.
The multi-million fund is a way for P&G India to form a collaborative growth strategy with small businesses, entrepreneurs, and SMES on innovative business solutions for the company.
Alongside this launch, the company also announced the related program named vGrow, an initiative aimed at identifying with startups, small businesses, large corporations and small businesses.
Madhusudan Gopalan, Managing Director and CEO of P&G for the Indian subcontinent, said, “The Indian market has been at the forefront of innovation and continues to be a priority for the company, globally. 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.”
As part of the VGrow launch, the company held the two-day vGROW External Business Partner Summit in Mumbai, with companies pitching ideas to company management.
Additionally P&G India has launched the online platform P&G Hackathon, which supports start-ups and helps them connect with external business partners.