The company also launched its first collaborative partnership program called “vGROW”, that will focus on identifying and collaborating with startups, small businesses, individuals, and large organisations, to offer innovative industry-leading solutions.
Talking at the launch, Madhusudan Gopalan, MD & CEO, P&G India Sub-Continent, said, “The Indian market that has been at the forefront of innovation in recent years continues to be a priority for the company globally. We are confident that through our initiative ‘vGROW’ and our ‘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 company also launched an online platform “P&G Hackathon”, to create a collaborative ecosystem by connecting external business partners to the company’s needs. It to enable startups, small businesses, and large organisations to pitch their innovative solutions to P&G’s leadership and secure business opportunities with the company.
Established in 1964, P&G India now serves over 650 million consumers across India. It operates under three entities in India, namely, Procter & Gamble Hygiene and Health Care Limited, Gillette India Limited, and Procter & Gamble Home Products.
In August 2018, Colgate-Palmolive had lead series A funding round in New Delhi-based men’s grooming brand Bombay Shaving Company, picking up a 14% stake in the brand.
According to an IBEF report, FMCG is the 4th largest sector in the Indian economy.
The FMCG sector has grown from $31.6 billion in 2011 to $52.75 billion in 2017-18. The sector is further expected to grow at a Compound Annual Growth Rate (CAGR) of 27.86% to reach US$ 103.7 billion by 2020.