Procter & Gamble (P&G) India, an FMCG company, has announced the launch of its multi-million dollar fund, named “Innovation Sourcing Fund” to invest in Indian startups, at a two-day summit in Mumbai.
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.
Other major FMCG players in India include Hindustan Unilever Limited, ITC Limited, and Colgate-Palmolive, among many others.
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.