Procter & Gamble Announces Rs 400 Crore 'Bharat Growth Fund' For Innovation

• US-based consumer goods company Procter & Gamble announces Rs 400 crore for the 'Bharat Growth Fund' supporting the Indian government vision Atmanirbhar Bharat.
• In October 2018, P&G had launched vGROW with a vision to create an active partnership platform for suppliers across the country.

US-based consumer goods company Procter & Gamble (P&G) on October 29 announced Rs 400 crore (or about USD$53 million) 'Bharat Growth Fund' to empower innovation and technological developments, supporting the Indian government vision for Atmanirbhar Bharat.

The company will collaborate with new and existing suppliers to build capacities that will further localize the manufacturing of finished products, procurement of raw materials, and adopt go-to-market innovations and technology in the country.

In October 2018, Procter & Gamble had launched vGROW, A P&G India innovation program that aims at transforming P&G's engagements with its external business partners and suppliers to address the company’s needs.

The announced fund is a part of P&G India's 'vGROW' program that focuses on collaborating with Indian startups, local businesses, individuals, and large enterprises to pitch their innovative industry solutions.

Recently, The company had launched its third edition of the vGROW External Business Partner Summit, which enables the suppliers to pitch their innovative solutions to the P&G's leadership and business team.

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"In line with our commitment, we are setting-up P&G’s ‘India Growth Fund’ to collaborate with partners on building capacities that will further localize the manufacturing of finished products, procurement of raw materials & packaging materials, and adopt innovative solutions that enhance our go-to-market technologies which will enable us to serve our consumers in India," said Madhusudan Gopalan, CEO, P&G Indian Subcontinent.

"We are confident that through these partnerships we will be able to create an ecosystem and supplier network that will further enable us to make in India, for India and the world," he added.

The company had also launched its online platform P&G Hackathon which connects external business partners with innovative solutions to the company’s needs, thereby creating a collaborative ecosystem.

In November last year, P&G introduced Rs 200 crore (or about USD$26 million) Environmental Sustainability Fund. The company used these funds to partner with companies providing sustainable solutions.

The company has generated Rs 3001 crore (or about USD$402 million) revenue in total sales during June 2019-20, saw a 1.54% increase compared to the 2018-19 period.

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