FMCG giant Procter & Gamble (P&G) India has set up to invest Rs 200 crore, which would fund Indian start-ups. The company will partner with companies which provides environment sustainability solution.
P&G has cited that it will invest in start-up ideas or whose sustainable business solutions would span from logistics, packaging, supply chain, among other solutions benefiting its consumer goods business.
As stated by Madhusudan Gopalan, managing director and chief executive officer, P&G Indian Subcontinent, “We know that solving the biggest challenges requires collaboration that enables people, planet and businesses to thrive. We are delighted to set-up the environmental sustainability fund to collaborate with external partners in India that are offering cutting-edge, environmentally sustainable solutions in line with our strategy.”
Supporting its cause of collaborating with organisations offering innovative solutions, the FMCG major has already invested more than Rs 200 crore. The announced fund is aligned with its Global Sustainability Goals’ Ambition 2030′.
The following announcement was made in the second edition of ‘P&G vGrow External Business Partner Summit’, which was held on November 28 and 29, 2019. The summit is a platform for business and individuals to pitch their solutions to P&G leadership team.
As Mr Gopalan has stated, they have already invested more than ₹200 crores on implementing innovative solutions in collaboration with external partners from across the country. As such they have received more than 1,000 applications from start-ups, small businesses, university incubation centres and large organisations, in the year 2018.
This year, the summit focused on “identifying and implementing step-changing environmentally sustainable solutions like packaging innovations, renewable sources of energy and reducing carbon footprint.”
The “environmental sustainability fund” is a great collaboration, not just for the organisations to associate with a big corporate name. But the fund provides a solution to adjoin innovative sustainability ideas with a successful business venture.
Compiled by: Maumita Mazumdar